Conte was recently rewarded with a new and improved contract at Chelsea after he led the west London side to the Premier League title with a record-breaking 30 wins last season.
However, despite still having two years left to run on his deal at Stamford Bridge, Conte has been linked several times with a return to his homeland of Italy where Milan have recently sacked Vincenzo Montella and replaced him with Gennaro Gattuso.
Milan currently sit in eighth place in the Serie A standings - 18 points behind fierce city rivals Inter - but former Nerazzurri president Moratti believes Conte is "smart" enough not to leave Chelsea for Milan.
He told Italian publication Gazzetta dello Sport: "He is a great manager, the only difference with [Luciano] Spalletti is that Spalletti has yet to win a Serie A title, Conte has already won league titles in Italy and in England.
"If he’d joined Inter and failed it would have been Inter’s fault.
"A move to AC Milan? No, I don’t think so, he is a smart guy."