The Japanese winger, who is currently on the sidelines injured, has only managed two first-team appearances for the Gunners this term, both coming in the League Cup.
La Voix Des Sports reported last week that Valenciennes were interested in bringing the Japanese to France but Wenger says he is undecided on that just yet.
“No, there is no truth in that at the moment,” Wenger told Arsenal's official website. “I will decide that at the beginning of January."
Miyaichi, 18, enjoyed an impressive loan spell with Dutch club Feyenoord in the second half of last season, scoring three goals and providing three assists in 12 appearances.
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