Neither Manchester United nor Henrikh Mkhitaryan are keen on a loan deal to Inter Milan, according to Sky in Italy.
It was reported in December that the Serie A club were interested in the Armenian, who has struggled to hold down a first-team place under Jose Mourinho in recent months.
The attacking midfielder had been dropped because Mourinho was unhappy with the player's performances.
He had not started a Premier League game for United since the defeat at Chelsea on November 5 until playing against Southampton at Old Trafford on December 30.
Mkhitaryan was back on the bench for the 2-0 win at Everton last time out, and did not appear as a sub.
Sky in Italy believe Mkhitaryan is one of a number of players Inter are looking at including Gerard Deulofeu at Barcelona and Javier Pastore at Paris Saint Germain.