Carlo Ancelotti has branded speculation that Frank Lampard is set to become Jose Mourinho's number one summer transfer target "a joke".
It is widely anticipated Mourinho will quit Inter Milan after next weekend's Champions League final to become the latest coach charged with steering Real Madrid back to the top of the Spanish league.
And Chelsea midfielder Lampard has already been linked with a big-money bid should the Portuguese take over at the Bernabeu.
But Ancelotti said: "This story is a joke. Lampard will stay here."
He added: "When I started last season there was a problem with John Terry and Manchester City.
"Every time I said 'no, John Terry will stay here because he is important'.
"I don't want to do the same with Frank Lampard. He will stay here."
Changes have been predicted by chairman Bruce Buck in the wake of Saturday's 1-0 FA Cup final triumph over Portsmouth at Wembley.
However, unlike last term, when Guus Hiddink presented Roman Abramovich with the trophy as a going away present, Ancelotti is going nowhere.
Indeed, so much has the former AC Milan coach enjoyed his first season in west London that he is planning on hanging around for another decade.
"If every season is like this one I would like to stay here for maybe 10 years," he said. "I am ready to sign a new contract. It is better to have stability for the club and also for the manager. It is not easy to change every year."
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