The Real Madrid midfielder, who won the FIFA World Cup with Germany on Sunday, has been the subject of mounting speculation over a transfer to the Emirates Stadium, while some reports have also linked Chelsea with a bid.
However, agent Jorg Neubauer says that Khedira is no closer to a move away from the Bernabeu.
"We are not in talks with Arsenal," Neubauer told The Telegraph. "I don't think a fee can have been agreed, otherwise I would have been told.
"When a club have an interest I am sure they will call me and we will speak about things. The same goes for Chelsea."
Rather than leave Real, Neubauer claims Khedira, whose contract is set to expire next year, is actually in talks over a new deal.
"We are talking to Real Madrid about his contract, but nothing is close to being decided," he added.
"Sami has just returned from the World Cup and has gone on holiday."
Khedira was forced to pull out of the Germany starting XI for the World Cup final victory over Argentina after sustaining a calf injury in the warm-up.
