Matri has been linked with Napoli ahead of the summer market.
But Cellino says: "(Napoli president Aurelio) De Laurentiis asked me for Matri. I won't sell him to anyone.
"It would be an honour to sell him to a friend like Aurelio, but we are trying to reinforce the team.
"We want to be more competitive for next season. It would be an honour but money doesn't go out and play on the pitch.
"If you look at Cagliari's history in the last 12 years we have only sold Suazo, who stayed with us for nine."