Speculation has been growing after reports in Spain claimed Barca made a £11.7 million bid for the 24-year-old. Zenit St Petersburg are allegedly among other interested clubs.
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Gerard Pique and Andres Iniesta have both spoken out to express their delight at the links with the Cameroon international, in similar style to 'tapping up' claims preceding former Gunner Cesc Fabregas' move to Catalunya last summer.
The defensive midfielder, who has grown into a vital part of Arsene Wenger's team, has admitted the interest from "the best team in the world" but moved to strongly dismiss any suggestions that he is ready to leave the Emirates.
"I am not going to lie if I said there is no interest but I am at Arsenal and I am happy at Arsenal," he told Sky Sports.
"Barcelona are the best team in the world, and speculation will always continue until the window closes."
Song, who moved to north London from SC Bastia for a fee of £1m in 2006, has two years remaining on his current contract with Arsenal, although reports suggest he is open to extending his deal.