The 22-year-old winger has attracted attention from a host of clubs across Europe, having previously been dubbed the 'Montenegrin Messi' following a series of scintillating performances for the Serie A side.
Reds boss Kenny Dalglish has been credited with an interest in bringing Jovetic to Anfield, while the Blues have also been linked with a move for the talented youngster prior to, and after the arrival of Andre Villas-Boas at Stamford Bridge.
However, any hopes either Chelsea or Liverpool may have had of signing Jovetic in the future, have been dealt a blow after the forward revealed his intentions to stay in Italy.
"I'm happy and I was convinced that I would return stronger than I was before. The fans love me here and I'm content."
When asked last week about potential Chelsea targets for the January transfer window, Villas-Boas indicated that defensive reinforcements remain his number one priority, while Dalglish could strengthen his attacking options by signing another striker.