Deschamps insists that there have been no official approaches for France international Valbuena, 26, during his time in charge at Stade Velodrome.
The Marseille boss told La Provence of the stories relating to Arsenal: "That is just rumours.
"For the two years I have been here, no concrete offer has ever arrived. That doesn't mean Mathieu is not a player of great value.
"Considering our Champions League qualification, I believe the most important thing is to remain at Marseille."
But Deschamps admits that Marseille could consider profitable bids at a time when the Ligue 1 club are aiming to cut their wage bill.
He said: "However, if an attractive offer comes to the officials, I will probably be asked to think about it. It is not the case today."