The Colombian winger has been heavily linked with a move away from the Serie A club since his impressive displays at the World Cup in Brazil.
Manchester United attempted to sign the 26-year-old during the summer, while Chelsea joined the race last week.
It looked as though Cuadrado was on his way to Stamford Bridge after he attended the Blues' 1-1 League Cup draw at Liverpool, but Montella claims there's 'no possibility' he will leave.
The former Udinese man is understood to have a £25m buy-out clause in his contract at Los Viola, with recent reports suggest Chelsea tabled a bid £5m short of that.
Montella said: "As far as I know there is no possibility for him to leave Fiorentina.
"He isn't really concerned by all this talk. Sometimes these situations are taken all out of proportion."