(By Denis Greenan). Milan, July 4 - Upcoming Italy striker Stephan El Shaarawy will be staying at AC Milan after the club said he had been taken off the transfer market. The centre-forward, who was thrust into the limelight when Zlatan Ibrahimovic moved to Paris Saint-Germain last year, was recently linked to Chelsea and Manchester City. The supremely gifted youngster, who sports a striking crested haircut and is seen as one of the most promising players of his generation, has become a firm favourite with the San Siro faithful. Chelsea manager Jose Mourinho was thought to have placed the flamboyant talent on his shortlist of must-have forwards, having been frustrated in his quest for Napoli's Uruguay striker Edinson Cavani. Manchester City were also linked with El Shaarawy but their interest waned after a swap was initially mooted involving Carlos Tevez. The Argentinian has now joined Juventus. Milan issued a statement Wednesday night to quash talk of El Shaarawy leaving Milan. "There has been a meeting between (Milan CEO) Adriano Galliani, Stephan El Shaarawy and the young star's entourage," the club announced on their official website. "Everything went well. "Stephan has always been an AC Milan fan and has reiterated his determination to continue playing for the Rossoneri. "That pledge was reciprocated by Milan, with conviction. "Milan and El Shaarawy will move forward together, as they have since 2011. "No more talk of the transfer market, no more rumours. AC Milan, the Rossoneri colours and the 'Faraone' will absolutely continue on together". The 20-year-old, who has an Egyptian father and is nicknamed The Pharaoh, has played 59 times for Milan since joining them from Savona in 2011 and has scored 18 goals for three-time Italian premier and media magnate Silvio Berlusconi's seven-time European and 18-time Italian champions. He joined the Italy set-up last year and scored his first international goal against France in November. He has 10 Italy caps. El Shaarawy shined at the recent Confederations Cup in Brazil where Italy came third. British newspaper The Guardian recently listed him among the world's top 52 footballers. The striker signed a one-year contract extension in February to commit himself to the San Siro until 2018. Many Italian pundits think he will be one of the stars of next year's World Cup in Brazil.