The Cottagers have been linked with a move for the former Barcelona star for much of the January transfer window.
Manager Martin Jol played down any interest, but Catania have now claimed that they have now shunned a loan bid from Fulham for the 27-year-old.
Catania have accepted Lopez can leave, but they are insistent that he can only depart on their terms.
"We did not accept Fulham's offer for Maxi Lopez because the English club would like to take him without spending a pound," Catania chief executive Pietro Lo Monaco told Radio Mana Mana.
"I don't give him on loan, Maxi has an important value."
Reports in Italy are now claiming that AC Milan are set to renew their interest in Lopez as an alternative to Carlos Tevez.
Milan confirmed they were keen on Lopez early in January, but then their interest in him cooled as they pursued Tevez.
But they pulled out of negotiations for the Manchester City striker on Thursday, and are now believed to be looking at Lopez again.
Milan want another striker to cover for the absent Antonio Cassano, who is sidelined for the season following heart surgery.