Nicollin also dismissed speculation that the club would be prepared to sell Giroud for a fee in the region of 10million (£8.3m) in the January transfer window.
"Newcastle? They are too small for him," Nicollin told RTL.
"10m? He won't go for that.
"Given that he still has more than two years left on his contract, he'll cost a lot more, either 50m (£41.7m) or 60m (£50m)."