The 27-year-old spent the second half of the 2016-17 season on loan in Spain, impressing as he scored seven goals in all competitions.
However, Sevilla sporting director Oscar Arias says a second move for Jovetic is unlikely due to a combination of Inter's asking price and the player's wage demands.
"It's a bit of everything and not just one reason," Arias told ABCSevilla.es.
"We could handle a higher wage than what we're offering now, but only if we didn't have to pay a transfer fee. Or, the other way round, we could pay the fee if the player's wage demands weren't so high.
"We can make an effort, as we did with Jovetic, but always within the parameters. We must be realistic and admit that, at times, some things simply cannot be.
"It's a complicated situation as the player earns very high wages and Inter are asking for an equally high transfer fee. We are not ready or capable of taking on such a burden. We've already reached our limit.
"If it cannot be, then it cannot be. We wish Stevan good luck for his future career and now seek an alternative."