The Arsenal man is reported to be a target for Bilbao following Ander Herrera's move to Manchester United.
Arteta moved to the Emirates Stadium almost three years ago from Everton and the 32-year-old has been a mainstay in Arsene Wenger's starting line-up.
And his representative, Inaki Ibanez, has rubbished talk of a return to his homeland as he enters the final year of his contract.
Ibanez told El Mundo Deportivo: "This is totally false. Mikel has no interest in leaving Arsenal."
Playmaker Arteta started his career as a trainee at Barcelona and also spent a season with Bilbao's rivals Real Sociedad.
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