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''I know that they (Chelsea) may be interested but there is no chance; even if they make a ridiculous offer,'' Damiano told The Independent.
''They would have no chance on personal terms alone. He is one of the best five players in the world and is paid as such.
''There are always rumours but they can forget it. If Chelsea don't understand that, it is their problem.
''Milan are a buying, not a selling club.''
Ukrainian striker Andrei Shevchenko has reiterated his loyalty to AC Milan.
Despite reports in the Italian press linking Chelsea with an €80m bid, the 28-year-old has distanced himself from these rumours.
Shevchenko admits personal admiration for Roman Abramovich after meeting him in Rome during a ceremony held by the Ukrainian press, but denies he wants a transfer to Chelsea.