The Italy international had an excellent campaign with 13 goals and 10 assists to help Toro finish seventh in Serie A.
The 26-year-old winger is a reported target of Juventus and Roma this summer but Torino president Urbano Cairo told Gazzetta dello Sport: "Alessio Cerci is not for sale.
"We have not received offers for our top player and considering that next season we will play in Europe, we cannot allow ourselves to sell many players."
Toro sold striker Ciro Immobile, who finished as the leading scorer in Serie A, to Borussia Dortmund last week in a reported 25million euro deal.
Cerci, who is currently with Italy preparing for the World Cup, is under contract with the Turin outfit until June 2016.