Last season, he was part of a Toronto side that won a historic treble of the Canadian Championship, Supporters' Shield and the MLS Cup.
Giovinco scored 17 MLS goals en route to the latter victory, and his exploits have led to suggestions of a return to Serie A with Inter.
However, his representative Andrea D'Amico told Tutti Convocati that is unlikely to be the case.
"I'd see it going badly for him at Inter, but only because he's very well where he is now," he said.
"He's made a sporting choice and a life choice, and he's happy."
Inter are third in Serie A having taken 40 points from 18 matches, just five adrift of leaders Napoli.