Llorente has been linked with a move to the Italian champions over the summer, but Urratia insists the striker will remain with Athletic until his contract runs out in 2013.
Llorente has yet to start a game for Athletic this term.
“I have read and heard a lot of things about the future of Fernando Llorente,” said Urrutia. “But none of them are true.
“There is nothing new from our perspective – we do not want to get rid of him. The team is more competitive with Fernando.”