But Sport via Fussball Transfers says Bellerin is hoping to make a move to Paris.
The Spaniard is now waiting on Paris Saint Germain to make a firm approach, with the Gunners seeking to sell for €25m.
Bellerin has a deal with Arsenal to 2023. He was recruited from Barcelona's La Masia academy in 2011 and two years later was making his debut under former Gunners manager Arsene Wenger. He spent only one season away on-loan with Watford.
This season, the defender, now 26, has managed 32 appearances, scoring once and creating four assists. However, despite his status, Bellerin has only the four caps with Spain and has never managed a competitive appearance for La Roja.
- updated April 21