AC Milan insist their coach Carlo Ancelotti will not be joining Chelsea.
The move would reunite the Italian with former Milan striker Andriy Shevchenko at Stamford Bridge.
But despite the club having fallen 28 points behind city rivals and Serie A leaders Inter Milan, AC Milan sporting director Ariedo Braida insisted Ancelotti will honour his contract which runs until June 2008.
'Ancelotti has a contract with AC Milan and he will stay,' he said.
'What has been said in the press is all gossip, there's absolutely nothing.'
Ancelotti has been at the San Siro since 2001, when he moved from Juventus.