The Spaniard moved to the Emirates Stadium from Everton in 2011 and has since made 94 Premier League appearances for the club.
Last week, the midfielder's representative, Inaki Ibanez, publicly played down suggestions that his client was set to move to Athletic Bilbao, but that has not dampened speculation over his future, with Serie A outfit Fiorentina also now reportedly interested.
However, Ibanez has once again declared Arteta is not in line for a transfer.
"I haven't heard from any clubs," Ibanez told Radio Blu. "What are the chances of him leaving? He's the captain of Arsenal, he is an Arsenal player and he's happy here.
"He also has a contract for another year."
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