Chelsea chief executive Peter Kenyon insists Frank Lampard will not be allowed to leave the Premier League club before the end of his contract - even if they can't persuade him to sign a new deal.
Lampard has been unable to agree an extension to his contract, which expires at the end of next season, with Chelsea reportedly unwilling to meet his demand for a five-year deal.
Inter Milan manager Jose Mourinho is keen to take advantage of the situation and lure Lampard to the San Siro. But Kenyon confirmed Chelsea had rejected an offer for 7.95 million pounds (9.9 million euros) from the Italian champions and he is adamant there is no chance Lampard will be sold.
"The situation is ongoing. We have always maintained that we want Frank to stay and an offer was made to that effect," Kenyon said.
"That offer is still on the table. Frank is under contract and he still has one year to run on that.
"We'd like to hope we can reach an agreement but if we can't we have always worked on the basis that Frank sees out the terms of his contract.
"Chelsea has made its position very clear to Internazionale and they have come back now with a financial offer. That will be rejected."