"He said this to the presidential guard, who told him he should be placed elsewhere, and he replied 'I will die with you if I have to,'" he said.
But Col Ndriarijaona said: "We are against any bloodletting, so we won't go there until we obtain guarantees on the presidential guard's intentions."
The army has traditionally remained neutral during periods of political volatility since independence from France in 1960.
Col Ndriarijaona claimed it was now almost wholly behind the opposition.
Earlier on Monday, the opposition rejected a proposal from the president to hold a referendum on whether he should complete his term.
Mr Ravalomanana, who was re-elected for a second term in office in 2006, has previously said he wants to remain in office until his mandate expires in 2011.
Under President Ravalomanana, Madagascar's economy has opened up to foreign investment, particularly in the mining sector.
But 70% of the 20 million population still lives on less than $2 (£1.40) a day and correspondents say the opposition has tapped into popular frustration at the failure of this new wealth to trickle down.
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