Last month Goal revealed the Blues had sent representatives to Italy for talks over Guarin, and that Inter directors Piero Ausilio and Marco Branca had also traveled to London for discussions.
Both the Colombian and his agent later confirmed negotiations had taken place, but Ausilio now insists Inter is happy to keep hold of its star man.
"Guarin is an Inter player and we are happy to keep him," he told Sky Sport Italia before Monday night's game away to Lazio. "Denying the contacts with Chelsea would be denying the evidence. It is a source of pride to talk with them about one of our players, but everything stopped there.
"We are happy Guarin could stay with us for a long time. We don't have the intention to sell him. He's an important player."