The Sweden international left San Siro for Paris Saint-Germain last summer, but he has been strongly linked with a move back to Italy after the Ligue 1 champions spent more than 60 million euros on Edinson Cavani.
Galliani, Milan's vice president, has moved to quash speculation suggesting he could pull on a Rossoneri jersey again next season, while revealing the club was also priced out of a move for new Roma signing Kevin Strootman.
"I think it is more than impossible for a player like Zlatan Ibrahimovic to return to Italy," Galliani told Sky Sport Italia. "He has a salary which is not compatible with the Italian league.
"(Strootman is) a really great player. We followed him for a year too, but he cost too much and we left. At this moment, 20 million euros is too much for Milan."
Stephan El Shaarawy is another player whose future has been the subject of much speculation after he scored 19 goals in 46 appearances for Milan last term. Those efforts caught the eye of several clubs, and Galliani revealed the Italy striker turned down a big-money move to remain at San Siro.
"We received a huge offer for Stephan and he said the money he earns at Milan is enough for him," Galliani said. "He's a fan of this club and he is more than happy here. I'm convinced he will play a great season."