With 22-year-old Norway international Johansen in fine form, it had been reported that City were preparing to swoop for his services.
However, Flo is adamant that such reports are wide of the mark.
"Manchester City might keep tabs on him," he told Drammens Tidende. "They probably think that he is a good footballer, but there is no plan for City to buy him or loan him back to us.
"There are two or three European clubs who are seriously interested in Stefan. I am expecting that something will happen before Christmas. I am expecting that they will show their interest, but I am not certain.
"Stefan will most probably not stay with us until his contract expires. We are in regular contact with his agent."
Serie A duo Roma and Chievo are believed to be leading the race for Johansen's signature.