Reports emanating from Italy claimed Milan president Silvio Berlusconi was ready to listen to offers for Balotelli after a bust-up with the former Manchester City forward.
Balotelli's future at the San Siro has been the subject of conjecture for some time, with the 23-year-old reportedly unsettled with life with the Rossoneri.
Milan have moved quickly to dismiss the rumours and insist the Italian is not for sale.
"AC Milan deny absolutely and with strength the declarations that would have been referred to the Milan president about an unthinkable collocation of Mario Balotelli on the market," read a club statement.
"Mario Balotelli is and remains a Milan player."
Balotelli has made 12 Serie A appearances for Milan this season, scoring six goals in what has been a disappointing season for the Rossoneri this term.