Vargas joined Napoli midway through the 2011-12 campaign but has made just 19 appearances in the league – all coming as a substitute – and has also failed to score.
Despite his slow start to life in Naples, though, the Chile international impressed while spending the second half of last season on loan at Spanish side Valencia.
And after a strong showing for his national side at the World Cup in Brazil this summer, Ogalde has confirmed that Napoli remain keen on sticking with Vargas for the upcoming Serie A season.
"I spoke with Napoli on Tuesday," Ogalde told emol.com. "And the contract with them is still in force.
"They consider him an important part of the squad, and are looking forward to him starting pre-season.
"They told me that they were delighted with Eduardo at the World Cup.
"[Former coach Walter] Mazzarri didn't really like him but with [current boss Rafael] Benitez it's a different story."
Vargas scored the opener for Chile in the 2-0 World Cup victory over holders Spain at the Maracana in Rio.