Goal revealed in February that Napoli had stepped up their interest in Vermaelen, who has slipped down the pecking order at the Emirates Stadium in the last 18 months.
But Alex Kroes says that talks are on hold until after this summer's tournament in Brazil, where Vermaelen will represent Belgium.
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"Yes, Napoli have been on the player and have stepped forward but other clubs have also shown their interest and not just Italian clubs.
"You cannot say, though, that the player is close to a transfer to Napoli.
"I repeat: wait until after the World Cup, where Vermaelen is going to do his best, then we will consider any kind of offer regarding his future."
Vermaelan, 28, recently returned to the Arsenal line-up due to injuries to Laurent Koscielny, Kieran Gibbs and Nacho Monreal but missed Sunday's 3-0 win at Hull City.