Recent reports had suggested that the Italian was the subject of interest from a number of clubs, including European champions Barcelona.
However, Andrea D'Amico has revealed that the 28-year-old has no intention of making a temporary switch.
"No. Absolutely not [he will not leave on loan]. Giovinco made a decision [to play for Toronto] of which he's absolutely convinced and with which he's happy. On top of that, Toronto FC have invested in him for a project that is not based on single moments or buzz," he told Rai Sport.
"So now they go on vacation and they start preparations again in Florida at the end of January to get ready for the next season and to do even better [than 2015]."
The winger scored 24 goals in all competitions for his Canadian employers last term.