Olympique Lyon president Jean-Michel Aulas told the club's website on Monday that Michael Essien would definitely stay with the French Ligue 1 side.
"The Essien case is closed and he will remain at Lyon," said Aulas.
Aulas was expected to meet Chelsea owner Abramovich on Tuesday but he ruled out another meeting with the Russian.
"There will be no new meeting involving myself," he said.
Lyon have valued the 22-year-old at 45 million euros (55.74 million US dollars), while Chelsea has offered 38 million euros plus their Portugal midfielder Tiago.
Essien, last season's Ligue 1 Player of the Year, was left out of Gerard Houllier's team that beat Racing Strasbourg 1-0 on Sunday and has not played an official match for Lyon this season. He has said he wants to go to Chelsea.
Source: Xinhua