The Switzerland midfielder is a top target for the Rossonero, but Madou says an agreement between the two clubs is a long way off.
He told HLN: "We sat down to talk with Milan out of courtesy. And without talking about money. Everyone knows what Ardon did, but for us this isn't the end of a cycle. I'm not saying we won't make exceptions, but right now there's no offer on the table that makes me think we should.
"We're assuming he'll stay. We understand that Ardon might be disappointed, but he knows what we expect from him."
In recent days, on the sidelines of Max Allegri's presentation, AC Milan sporting director Igli Tare spoke about the situation: "This is his desire: to play for us.
"But right now, we have to respect the dynamics of another club with which he is under contract. We believe we have made a great offer, also out of respect for the club's history and Belgian football. I hope this matter ends happily for AC Milan and for the player."