The Juventus wideman has turned down a deadline-day offer from Chelsea, according to reports in Italy.
The winger has decided he wants to remain with the Nerazzurri and is understood to have had reservations about whether or not he would have been part of the long-term project at Stamford Bridge.
Inter Milan's Jonhatan Biabiany (L) gestures as he leaves the pitch
With Chelsea a-wash with pace particularly on the right wing with Pedro and Willian, Biabiany may see an un-winnable battle to get selected in West London for the champions-elect.
A player of electric pace, his lack of physicality could present an issue, but it isn't one that has deterred Chelsea boss Antonio Conte from making an approach.
Biabiany, 28, a native of Paris, spent an initial four-year spell in Milan between 2007 and 2011, before a four year stint with Parma until 2015, scoring 14 goals in 108 appearances for Crociati.
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The winger then made the return to the San Siro for the second official time as a free agent in July 2015, where he has netted just once in 20 games.
Chelsea's interest in the Serie A man is one of a number of reported deals the Blues have been linked to in recent days, as the Londoners look to improve their squad in the winter window.