The Roma defender has been linked to the French champions in recent weeks, but has insisted that he wants to stay in the Italian capital.
The 31-year-old told Italia Uno: "PSG? I don't think that's going to happen! I feel great here in Rome.
"This year we will win the [league] and I hope to regain my place in the national team for the World Cup."
Balzaretti, who joined Roma last year, has spent his entire club career playing in his home country.