Parma to keep Cannavaro
The accomplished centre back was expected to leave The Ennio Tardini in the summer after expressing a desire to move on for a new challenge.
A host of top clubs across Europe including Barcelona, Real Madrid, Juventus and Milan have been linked with the former Napoli star, but no move has materialised.
Parma president Stefano Tanzi is adamant that the player is no longer for sale and will be at the club next season.
"He's been off the transfer market for some months," said Tanzi. "We made the decision as soon as we saw that no serious offers were being tabled. He is no longer available for sale."
Milan had been favourites for the 26-year-old's signature and it had been suggested that he may join The Rossoneri on loan with a view to a permanent move, but Tanzi rejected the idea.
"I think that Cannavaro understands the situation in which we have found ourselves in," said Tanzi
Cannavaro has been confirmed as the club's captain again for the new season by new coach Cesare Prandelli.
Meanwhile The Gialloblu have decided to retire the number 12 shirt as a mark of respect to their own fans.
It is something of a cliche that a passionate home crowd can act as a twelfth man on the pitch and Parma have taken this literally by devoting the jersey to their supporters.
The move follows a similar decision taken by German outfit Werder Bremen in tribute to their own supporters.
"A side usually retires a shirt number in honour of a player who has served the club," said Tanzi. "But we have done it to honour the people that are always with us - the fans.
"The tifosi deserved this gesture especially after the difficult campaign last season. Which was possibly the worst at Parma for some time."