The Italian club are believed to have had an offer rejected by City earlier this month.
However, a number of the club's players have now returned from injury and board memeber Tronchetti Provera has revealed that they will not be making a second bid.
"We're no longer interested in Tevez. He is following a different path," Provera told Ansa.
"Our own stars have returned from injury and are back in top form. We have recovered our own champions and don't need Tevez or anyone else anymore, regardless of the fact that Tevez remains a great champion."
Inter's city rivals AC Milan are now the only team believed to be in the running to sign the 27-year-old.