Following his impressive performances with Williams, Albon had been linked to a Red Bull return in 2025, which still has a vacancy for Sergio Perez's current seat alongside world champion Max Verstappen.
With uncertainty over Albon's contract situation, which was believed to make him a free agent at the end of 2024, Lewis Hamilton's shock move to Ferrari also brought the 27-year-old into the frame as a potential Mercedes candidate.
But speaking to media at the launch of Williams' 2024 livery, Vowles is adamant that Albon is tied to the team through the 2025 season.
"Alex has signed with Williams until the end of 2025, that's signed," Vowles clarified.
"It's not something I've been very public about, because I don't feel the need to. So, any reports that you're seeing, and there's one in particular, they are individually speculating at best.
"As I've also said, it is our job in Williams to create a new environment that deserves someone of the calibre of Alex. Simple as that.
"He is an incredible driver that deserves his place towards the front. He and I have good chats about where we want to move forward.
"We want to have our journey together in this team for a long time. We have to earn that right. It's not given by any stretch of imagination.
"We have to demonstrate to the world that we're not Williams of old, and we're not looking backwards, we're moving forward continuously."
When Albon was asked if his deal means it's set in stone that he will remain with the team in 2025, he replied: "Let's see. Time will tell.
"My focus is on 2024 is let's keep it like that the real focus is on making sure that you make progress for 2025, that's really where I'm at.
"Realistically, I want to be with the team. If the team is where I want it to be, it will be a long-term contract.
"We're going to go all the way or nothing. That's my idea about it."
Vowles stopped short of saying if he would be willing to release Albon if a deal was there to be done, stressing he would put the team's interests first.
"Would I stand in his way? I have the responsibility of Williams on my shoulders, that's the most important thing to me," he replied.
"It's not the responsibility towards one individual, in this case Alex, it's a responsibility towards the team.
"So should any decision go that way, it's because I'm very clear in my mind that I've made decisions that are correct for the team's long-term goals and not the short term."
