The 32-year-old Spaniard, who is under contract with the Barclays Premier League outfit for a further season, is a reported target of the Serie A outfit.
However, Arteta's agent Inaki Ibanez insists his client is staying in London.
"The player has no intention to leave London," Ibanez said.
"We have not spoken to any club and I would like to remind everyone that we are talking about the Arsenal captain, with all respect for Fiorentina."
Arteta moved to the Emirates Stadium in 2011 following six years at Everton.
Last season, the former Rangers and Real Sociedad midfielder scored two goals in 31 league appearances to help Arsene Wenger's side finish fourth in the Premier League.
He also captained the Gunners in their 3-2 FA Cup final triumph over Hull in May.