Goal.com revealed that Gunners boss Arsene Wenger was hoping to bring the Spain international to the Premier League after cooling his interest in Barcelona’s David Villa.
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"I try to isolate myself from the rumours," he told Marca. "We are used to them and do not take them seriously. I am very happy at Atletico.
"I am happy here and it is my intention to continue here. The good thing at the moment is that the team is doing very well. I would like to stay for a while yet."
The 25-year-old netted in the 2-0 win over Levante on Sunday to take his tally to three in 17 La Liga appearances so far this season.
Atletico sit in second spot in the table behind Barcelona and will be hoping to keep hold of the forward who currently has an €18 million (£15.1m) buy-out clause in his contract.