Although admitting he admires Kompany's qualities, the timing would appear wrong for any switch to North London.
"I have known Kompany for a long time, since he was 16," explained the Gunners chief to Sportwereld.
"I keep following him but the story that we want him for next season is wrong.
"I know him to be very, very good but I have decided that defenders are no longer necessarily needed for next season.
"Therefore, he will not come."