The Rossoneri CEO has stressed that the young forward is not going anywhere, and has once more voiced his admiration for Citizens striker Mario Balotelli
The 20-year-old has been in sublime form in the opening weeks of the 2012-13 campaign, netting eight goals in 11 Serie A appearances, and has supposedly attracted the interest of the Premier League champions.
Nevertheless, a transfer is not an option as the Rossoneri are determined to hold on to the promising youngster.
"El Shaarawy to Manchester City? Enough with the speculation! He has a contract for five more years until 2017, and will soon sign an extension until 2018," Galliani told reporters.
The Milan CEO then spoke of his admiration for Mario Balotelli, but added that his respect for the Italy international does not necessarily mean the striker will end up at the club at some point.
"I have a profound love for Balotelli, but love doesn't always end well ..."
Galliano also had his say on this weekend's refereeing controversies in Juventus's 3-1 Serie A loss against Inter, and hinted that Paolo Tagliavento deliberately favoured the Bianconeri.
"Tagliavento was in charge of Milan versus Juventus last year and Juventus against Inter two days ago. I won't say anything more ...
"I will never forget about [Sulley] Muntari's goal last season."
Tagliavento attracted scrutiny in February 2012 after failing to spot that the Ghanaian's header had crossed the line before Gianluigi Buffon collected the ball in a 1-1 draw at San Siro.