The 20-year-old has reportedly attracted interest from Premier League clubs Manchester City and Chelsea in recent months after scoring 16 league goals in his second full season with the Serie A giants.
He broke into the Italy national team in August before signing a one-year contract extension in February to commit himself to the San Siro outfit until 2018, but talk of a future away from Italy for the young striker has persisted and even grown stronger in the last few days.
Milan have responded to burgeoning media reports with a brief statement this evening.
"There has been a meeting between (Milan vice president) Adriano Galliani, Stephan El Shaarawy and the young star's entourage," read a note published on acmilan.com.
"Everything went well. Stephan has always been an AC Milan fan and has reiterated his determination to continue playing for the Rossoneri.
"That pledge was reciprocated by Milan, with conviction. Milan and El Shaarawy will move forward together, as they have since 2011.
"No more talk of the transfer market, no more rumours.
"AC Milan, the Rossoneri colours and the 'Faraone' will absolutely continue on together."