The Moroccan has been heavily linked with a switch to the Italian giants and was omitted from the Fulham squad for Tuesday's 2-0 Premier League defeat at Swansea City.
And despite watching his side fall to a fourth defeat in five league matches, Meulensteen stressed that it was the right decision to leave Taarabt out.
"There's been interest and we thought it'd be a wise decision to not include him," he told Sky Sports. "We'll see how it develops over the next few days."
The Dutchman, meanwhile, would not be drawn on the club's apparent interest in Milan centre-back Cristian Zaccardo, and he admitted that he was in the dark over the progress of a reported £11.5 million bid for Olympiakos striker Kostas Mitroglou.
"I can't really discuss (Mitroglou) at this time, because I need to have a chat with (CEO) Alistair Mackintosh," continued Meulensteen. "He will know exactly what the situation is regarding the player."
After defeat in south Wales left Fulham perilously poised just a point outside the Premier League relegation zone, Meulensteen bemoaned his side's profligacy.
"We need to get our noses in front for once, if you do it becomes a different sort of game," he added. "We're lacking goals. The chances we get are few and far between, so the opportunities you get we have to take.
"The only way to get out of this is to win games, get your noses in front and you have to drag yourselves out of it.
"There are two things; you need to defend better and you need to take your chances."
