The 28-year-old, who has been at the club since 2011, confirmed that Arsene Wenger was interested in securing his services.
However, the former Osasuna man, who last week agreed a contract to keep him at the Vicente Calderon Stadium until 2017, was happy to remain in La Liga instead.
"It is true that I had an offer from Arsenal, which any player would like to accept, but I like it here," Juanfran told AS.
"For me, you know, there is no better club than Atleti. I am very excited and motivated."
Atletico get their UEFA Champions League campaign under way on Wednesday against Zenit St Petersburg, having not featured in the competition since the 2009-10 season.
Juanfran is confident that they can enjoy success in the competition, describing Atletico as a "cup team".
"It has been some years without the Champions League at the Calderon," he continued.
"We are going to enjoy it as much as our fans will. We have a team and supporters to go as far as possible in the Champions League."
‘He instantly popped into our ratings as one of the best U21 midfielders in Europe. The impressive thing is Slot has made him into more of a no.6' Inside Ryan Gravenberch's transformation at Liverpool
‘I don’t think Liverpool would look at Ollie Watkins, a striker isn’t a pressing issue for them – it’s Arsenal who need one’ Former Reds star explains why his old club don’t need an out-and-out forward this summer
