The Italian midfielder has two years remaining on his contract with the club but has been strongly linked with a move away from Anfield this summer.
Aquilani spent last season on loan at Milan but the Rossoneri turned down their option to buy Aquilani last month.
"Aquilani will remain at Liverpool," his agent Franco Zavaglia said to www.calcionews24.com. "He has a contract and hence there is nothing new.
"I would say that at this point the chances that he could go back to Milan are impossible. Other clubs? I reiterate, he will remain at Liverpool."
Aquilani has played just 28 matches for Liverpool since he joined the Premier League club from Roma in August 2009.