The 23-year-old has been linked with a £20m switch to the Emirates, as Arsene Wenger seeks to make fresh additions to his squad.
A cluster of clubs are thought to be chasing Insigne's signature such is his growing stature in the game.
But Insigne's agent, Fabio Andreotti, has poured cold water on suggestions that Arsenal have made a formal bid.
"We have not been contacted by Arsenal for Lorenzo Insigne and Napoli has not notified us of this interest," Andreotti told Italian radio station Radio CRC.
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We haven't been contacted by Arsenal for Insigne and Napoli has not notified us of this interest
"Lorenzo is a target of several European sides so it wouldn't surprise me if big clubs are interested in him.
"However, Napoli don't want to put him in the market."
Insigne impressed for Napoli last term, scoring eight times in all competition.
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