The 22-year-old has also been linked with a switch to Manchester United and Chelsea this summer but has reiterated his commitment to Sporting for the foreseeable future
Goal revealed on Saturday that the Gunners had tabled an improved £21.3 million bid for the Portugal international as Arsene Wenger looked to recruit a midfielder with physical presence.
But now the 22-year-old - who has also been linked with Manchester United Chelsea this summer - has now gone public to reiterate his commitment to Sporting for the foreseeable future.
"I am under contract with Sporting and I'm a Sporting player," he told A Bola. "There is no way I can say I am going to leave. I am fine at Sporting."
Arsene Wenger will spend the final few hours of the transfer window refereeing a charity 'Match For Peace' in Rome and club sources do not expect a busy day in terms of arrivals.