Daniele Prade insists the north London club have not made an approach for the 23-year-old Montenegro striker, before dismissing a possible move to Serie A rivals Juventus
The 23-year-old striker is a long-term target of Arsene Wenger’s and the Gunners had opened preliminary negotiations a number of weeks ago before intensified their interest recently.
However, Prade has now claimed that Arsenal and Fiorentina are not discussing a possible €23 million move for Jovetic.
"With Arsenal we have not had any contact, it's a route that does not exist," he told La Gazzetta dello Sport.
"The situation for the player will be resolved directly by the president Andrea Della Valle and we will see what happens.
"We would be happy for him to remain in Florence."
Meanwhile, Fiorentina’s league rivals Juventus have confirmed interest in Jovetic but Prade has again insisted there have been no further developments.
He added: "I have not been authorised to speak to Juventus. If the club owners do not authorise me to do so, then I will continue along this path."