The Italian winger has been heavily linked with a move to the Premier League, with Manchester United and Arsenal joining Liverpool in the transfer race.
However El Shaarawy himself has spoken of his commitment to the club and his desire to help boss Filippo Inzaghi earn a Champions League spot for next season.
The 22 year-old struck twice for Milan as they saw off Real Madrid 4-2 in a friendly on Tuesday and has since insisted he is happy in Italy.
“I’ve already said, I’m staying at Milan and I want to do well,” El Shaarawy said.
“The win was also very satisfying for the team, we confirmed that we’re doing well after the Roma and Napoli games. From the point of view of the game we did well. It was a great day for me.
“We want to start the league well in 2015.”
By Phil Wellbrook