Both players have been tipped to make big money moves this summer - with clubs in Italy and England said to be showing plenty of interest.
However, reports had suggested that Milan and Fiorentina were ready to talk about a possible exchange - but this has been ruled out.
"It is absolutely not true. We met in a restaurant and we spoke about other things, there isn't a negotiation for an exchange," Milan chief officer Adriano Galliani told the Italian press.
The same thing has been confirmed by the Viola's sporting director Daniele Prade.
"This is an invention of the press about the news referring to an exchange between El Shaarawy and Jovetic," he said.
"It's true I met Galliani in a restaurant, but we have absolutely not spoken about exchanges, so these things are groundless."