Carlo Ancelotti has confirmed that Andriy Shevchenko will not be joining AC Milan this summer.
The Serie A giants were reportedly keen on rescuing their legendary former striker from his disappointing spell at Chelsea.
With Marco Borriello sustaining a knee injury at the weekend which will require surgery, and is likely to keep him out of action for at least two months, speculation had intensified concerning a possible move for Shevchenko.
However, Milan coach Ancelotti ruled out an approach for the Ukrainian ace, insisting that he has the strength in depth to deal with the recent spate of injuries which has afflicted the Italian club.
"Borriello has a problem which will be resolved quickly, so we will wait for him," he said.
"Shevchenko will play at Chelsea this season."
Milan are currently preparing to take part in the Russian Railways Cup, alongside Sevilla, Chelsea and Lokomotiv Moscow.
Ancelotti revealed that 18-year-old rookie Alberto Paloschi will be given a chance to shine during the Moscow tournament, with Borriello injured and Ronaldinho and Alexandre Pato on Olympic duty with Brazil.
"Besides Kaka, Paloschi remains our only striker available, so he will play the next two games that are important tests against strong teams," Ancelotti added.