It had been suggested that Inter had agreed a deal to sign the 19-year-old at the end of the season, with a four-year offer reportedly on the table.
However, Sagramola has insisted that the club are waiting for the teenager to respond to their offer of a new contract.
"I deny the reports. These voices of an Inter sale are not true. Inter have told us that they are interested, but there is some way to go before saying that we've sold him," Sagramola told Gazzetta Giallorossa.
"It would also be against Federation rules seeing that the player is still under contract with us. We're actually waiting for the boy to respond to our offer to extend his contract."
Icardi is one of the most highly-rated prospects in Serie A.