The 21-year old US-born Iceland youth international has been linked with a possible move to the Gunners but his representative Magnus Agnar Magnusson insists there has been no official contact from the North London club.
"Of course it is flattering for Aron to be linked with such a huge club as Arsenal," Magnusson told Sky Sports.
"We all know that Arsene Wenger is a great coach to work under as he has proven to be able to get the best out of his young players for years, and of course it would be an interesting place for Aron to continue his development.
"That said we have heard nothing from Arsenal and at the moment we are concentrating on extending the deal with AGF. We are in regular contact with AGF and if they deliver an interesting enough proposal then we would be interested in extending the deal."
Magnusson also suggested that Johannsson is not quite ready to leave Aarhus as he continues to develop his game in Denmark.
"Sure, a move to England would be interesting as every player would love to play there but it would not make sense for him to sit on the bench for the next two years," he added.
"Sure, he might make a lot of money but he would not develop as a player if he does not play.