The Premier League side have been heavily linked with a move for the 27-year-old, who netted 25 goals in La Liga last season, following the arrival of new manager Manuel Pellegrini.
However, Negredo said that he will only leave the Ramon Sanchez Pizjuan with the the blessing of Los Rojiblancos.
"Right now I'm at Sevilla and I like it very much," the Daily Mail quotes Negredo as saying.
"If I stay then that will be fine, but if I leave then it will be because it benefits both the club and myself.
"I'm happy on a personal level but collectively we have not achieved the goals we wanted. Now perhaps I am at a decisive moment for my future."
Negredo has scored six goals in 14 appearances for Spain.