MLS commissioner Don Garber last month suggested Ibrahimovic is set to rejoin the Milan, but Massara insists talks between the club and the player are not ongoing.
"There is no news on Ibrahimovic, because this is not a negotiation," he told Sky Sport Italia.
"He is evaluating his future. He is on the market, but there are no developments."
Ibrahimovic spent 18 months with the Galaxy and was named in the MLS Best XI in 2018 and 2019 after scoring a combined 53 goals.
Fiorentina, Napoli and Bologna are among the other Italian sides to have been credited with an interest in the ex-Sweden international.