AC Milan have denied newspaper reports linking their manager Carlo Ancelotti with a move to Chelsea as a potential replacement for Jose Mourinho.
Ancelotti worked with Andriy Shevchenko at AC Milan
Mourinho's position at Stamford Bridge has been the subject of speculation following reports of behind-the-scenes unrest at the club.
"Carlo Ancelotti has a contract with AC Milan and he will stay," said AC Milan sporting director Ariedo Braida.
"What has been said in the press is all gossip, there's absolutely nothing."
And Ancelotti himself has moved quickly to dismiss the rumours, even suggesting that former Italy coach Marcello Lippi may be a more suitable candidate.
He said: "My English is truly a disaster. Lippi has more time to study the language than me, I feel more comfortable with Latin-based languages."
Mourinho has complained about the lack of funds made available to him in the January transfer window, while his relationship with £30m summer signing Andriy Shevchenko has also been under the microscope.
Shevchenko has scored just six goals in 29 first-team appearances since arriving in the summer from Milan, where he played under Ancelotti.
Ancelotti, who signed a new contract in the summer keeping him at the San Siro until 2008, led AC Milan to the Champions League title in 2003 and the Serie A title in 2004.
But this season AC Milan are languishing in ninth place in Serie A, 28 points behind rivals Inter Milan.
Ancelotti has been at the San Siro since 2001, when he moved from Juventus.