"He is contracted for the next two years and will remain so unless we receive a suitable offer," read a statement on Chelsea's official website.
Chelsea's statement comes only a day after Crespo told Italian newspaper Tuttosport his "one wish" was to return to Serie A.
The 31-year-old, who joined Chelsea from Inter Milan in the summer of 2003, said that despite the efforts of Blues owner Roman Abramovich to keep him with the club, he still wants to return to Italy where he feels more comfortable.
"Abramovich is a marvelous person and Chelsea is a fantastic club, they have treated me like a king.
"He offered me a house, a private jet and more money, but money and success doesn't come into it.
"Italy is my natural environment, it's where I'll live when I retire and it's the best place to play," Crespo was quoted as saying.
Chelsea showed sympathy for Crespo's inability to adapt to life in the English capital but clarified there were no offers for the former Parma, Lazio and AC Milan ace.
"There are no discussions about offers of any nature with Hernan Crespo," read the Chelsea statement.
"Everyone at Chelsea is aware of his domestic situation and we have every sympathy for that."
Crespo played second fiddle to teammate Didier Drogba at Chelsea last season, and with the arrival of Andriy Shevchenko at Stamford Bridge, the Argentinean's chances of landing a starting position seem even bleaker.