The defender's representative has claimed that the Rossoneri launched a deadline day exchange offer, but that the Napoli veteran chose to stay put
The defender has been a regular for the Partenopei since signing from Parma in 2006, but he has started Rafael Benitez's reign at the Serie A giants on the bench.
Milan offered Cannavaro an escape route on Monday but - according to the club skipper's representative, Gaetano Fedele - the 32-year-old is keen to fight for his place at the San Paolo.
"There was an offer from Milan which was to exchange Paolo for Cristian Zaccardo," Fedele told ITA Sport Press.
"However, Paolo wanted to remain a Napoli player and we hope he can become an integral part of the project."
Cannavaro will be hoping to feature in Napoli's next game after the international break against Atalanta on September 15 following back-to-back wins in their opening two 2013-14 Serie A results.