Rossi has blossomed at El Madrigal since arriving from Manchester United in 2007, and is now a regular for Villarreal, as well as the Italy national team.
The 24-year-old has notched up over 77 goals in his first four seasons at Villarreal, and his fine performances have long seen him linked with a return to Italy.
Of late, it is Juventus who are tipped to make a bid for him, especially since the Bianconeri revealed that this season would be the iconic Alessandro Del Piero's last at the club.
However, Villarreal have moved quickly to rubbish suggestions they would allow Rossi to leave.
"We are very happy with the way Rossi has been playing this season, but his excellent performances are nothing new to us," Villarreal vice-president Jose Manuel Llaneza told Tuttomercatoweb.com.
"Will we sell him? This is not our intention at all. We are very happy with what he is doing for us and we have no reason to sell.
"There is nothing regarding Juventus. Giuseppe is staying with Villarreal."
Rossi will next be in action for the Yellow Submarines in Sunday's La Liga game against Levante, where they will look to improve on their current record of one win, four draws and two losses since the start of the season.