The Gunners and Juventus are closely monitoring the precocious 19-year-old, but the teenager's representative, Karl Herzog, has denied that his client could leave at the end of the season.
The attacking midfielder's contract does not expire until the summer of 2017.
"Max is with Wolfsburg and he is doing fine. He definitely enjoys all the qualities of the club and they know all of his qualities," Herzog told kicker-Sportmagazin.
The Germany Under-21 international has scored six goals in 14 Bundesliga appearances so far this season for the Volkswagen Arena outfit.
Wolfsburg are sixth in the Bundesliga ahead of Sunday's trip to Hertha Berlin.