The Dutch international has featured mainly off the bench this season for the Italian giants and scored seven goals in his first year since joining from Real Madrid.
The 26-year-old is also believed to be a target for Tottenham Hotspur but Sporting Director Ariedo Braida insisted he is part of the club’s foreseeable future.
GEAR:Milan away shirt on offer
"Huntelaar to Benfica? I don't think that will be possible," he said.
"He is a player that is not for sale and that represents the future of Milan. Huntelaar has a contract for a further three seasons with us."
Huntelaar had been linked with a move to a host of clubs in England, including Arsenal and Manchester United, amongst other high-profile European clubs.
As a result of his lack of first team football at the San Siro the Dutch international has rarely featured for the Netherlands this year, making just one appearance.
Nevertheless, Huntelaar was named in Bert van Marwijk’s preliminary squad for the World Cup in South Africa, unsurprising given his goal-every-other-game scoring record for his nation.
The 26-year-old has struggled since his £20 million move to Real Madrid last year, failing to hold down a regular first team place at AC Milan since his switch from the Bernabeu.
But the Italian giants have insisted that their flying Dutchman will be going nowhere this summer despite speculation linking him with yet another move away.
By Owen Edwards & Joe Brewin
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