The 25-year-old has attracted the attention of several top teams in Serie A this season after scoring seven goals and providing nine assists in his 22 league appearances .
Reports in Italy claim Vazquez will be Juventus’ top target this summer, while Napoli are also in the race to sign the Cordobes player.
“There has not been, nor will there be, any contact between Palermo and Juventus or between our club and Napoli for Franco Vazquez,” Zamparini said in a statement on his club’s official website.
“The Argentinian will be an important player next season.
“We find these false reports to be profoundly incorrect.
“In any case, to discourage any approaches, the player’s buy-out clause is fixed at over 25million euros.”
The South American joined Palermo from Belgrano in 2011 and has been a regular for the Rosanero since coach Giuseppe Iachini took the helm two years ago.
Vazquez, who holds an Italian passport, last month signed a new contract that will keep him at Palermo until June 2019.
The Sicilians gained promotion to the top flight last year and are currently eighth in the table.