The Borussia Dortmund star is recognised as one of the best young playmakers in European football and Chelsea look set to fend off interest from the likes of Bayern Munich and Barcelona to clinch his signature.
"We were not far away," admitted Rosicky, but he dismissed claims saying that The Blues had made a bid of ‚é¼30 million for him.
"That is absolute rubbish," he added.
"I am not going to speculate, I am standing firm and concentrating on Borussia."
Rosicky's agent Pavel Paska reiterated that a deal could be struck in the summer.
"We could not agree in the end, but there were a lot of negotiations and it could happen in the summer."
Chelsea completed the signing of Scott Parker this week, which meant their immediate need for Rosicky was not pressing.
Meanwhile, Chelsea have loaned out young defender Valerio Di Cesare to Serie B side Avellino.
Di Cesare has failed to breakthrough into the Chelsea first team and Blues boss Claudio Ranieri is willing to loan him out so that he can gain valuable first team experience.
