Mkhitaryan is understood to be considering his options at Old Trafford having fallen out of favour under Jose Mourinho, starting only one Premier League game since early November.
Inter Milan were one of the clubs thought to be tracking the Armenian and were understood to be lining up a loan move until the end of the season.
However, Sky Italia reports that Mkhitaryan has no interest in joining Inter and would rather fight for his place at United than make the move to the San Siro.
Former club Borussia Dortmund have also been credited with an interest in bringing the 28-year-old back to the Westfalenstadion, although the German outfit have played down the possibility of a return materialising.
Mkhitaryan has scored two goals and created five more in 20 appearances across all competitions for United this season.