Inter's interest in Mutu stems from a desire to reunite the 25-year-old with former Parma team-mate Adriano.
The club have a 50 per cent share in the Brazilian striker, who enjoyed a successful partnership with Mutu last season, and are expected to recall him to the San Siro at the end of the season because of Parma's financial problems.
A source close to Mutu said: "Adrian and Adriano formed a devastating partnership and it's no surprise Inter want them together, but Mutu is happy at Chelsea."
Chelsea's two main transfer targets remain Charlton's Scott Parker and Rennes goalkeeper Petr Cech. The club hope both deals will be tied-up by the end of the transfer window.