Reports from Italy on Friday claimed the Rossoneri were ready to launch an audacious £32million bid for the burly forward.
AC Milan vice-president Adriano Galliani admits that Adebayor is one of the Rossoneri's top summer transfer targets, while Chelsea's Didier Drogba and Tottenham's Dimitar Berbatov are also on their wanted list.
However, the Togo international - Arsenal's leading marksman with 30 goals last season - has consistently pledged his loyalty to the Gunners and it is understood that stance remains unwavered.
The 24-year-old - signed from Monaco in January 2006 - last month rejected reports he was out for a big pay deal somewhere else.
"I am very happy here. Reports which suggest I have threatened to quit are rubbish," he said.
"I love the club and the fans.
"We have a great set of players here with a fantastic team spirit.
"We have had a good season, but next year we want to go one better by winning a trophy."