The 24-year-old striker has been linked with moves to European champions Barcelona and Italian giants Juventus, but the player is staying at Villarreal for the moment.
The reason given to Sky Sport Italia by Rossi's agent, Federico Pastorello, is that "Giuseppe Rossi has officially been taken off the market after they sold Santi Cazorla to Malaga."
Villarreal were in financial trouble, and looked to sell Rossi to raise funds. Instead, versatile winger Santi Cazorla was sold to Malaga, giving Villarreal €19 million to settle their troubles.
But although Villarreal are now happy, Rossi is disappointed. Pastorello stated that Rossi "wanted Juventus, but he's accepted the position taken by the president of Villarreal."
Juventus were previously told to put in an offer of a figure in the region of €21.8 million, but have more recently been told that Rossi is unlikely to be sold.
Juventus director Giuseppe Marotta has said to Sky Sport Italia (h/t FourFourTwo), "He is a player who we have put our eyes on, like other clubs."
"We'll try to sign him, but over the last few hours it has emerged that Villarreal have the intention of keeping him."
Juventus will have to look elsewhere for the time being if they want to buy an alternative to Rossi.