The Scot was linked with a move away last January after showing his dismay at the sacking of then-boss Brian McDermott. Reports in the weeks after suggested Ross was looking to make his way out of Elland Road, something the striker always rejected.
McCormack bagged 29 goals for Leeds last season in another failed campaign as his bond with the Elland Road crowd grew fonder.
The former Cardiff forward was one of very few highlights in a miserable season and like all other top players many fans expected him to leave this summer.
McDermott's departure last month added further fuel to the rumours, but McCormack once again took to Twitter to deny any talks.
After Monday's meeting with Cellino he wasn't allowed to reveal any details of the conversation, but now the Italian has lifted the lid on any bids and confirmed that McCormack is happy to stay at Elland Road.
"Newcastle made an offer for McCormack and I said no. He is happy to stay here and that made me proud."