Goretzka has been tipped as a future star after impressing in the Bundesliga for the German side this season.
His contract expires next summer and speculation has mounted over the past few weeks linking him with a move to the likes of Juventus and Arsenal.
However, Goretzka’s agent revealed to Goal that a decision has not been made by either Schalke or his client and refuted earlier claims that the Gunners have made an approach for the starlet.
"Leon is one of the most talented young players. He possesses good technical skills, and a lot of pace with and without the ball. His personality is very mature for his age," said Low.
It’s expected to be business as usual for Gunners boss Arsene Wenger over the coming weeks as he continues to plan and identify what is needed in terms of playing additions for next season.
Wenger, whose own future has not been decided yet despite his contract expiring at the end of the campaign, wants to stay at the club and recently claimed that things are “not completely sorted out”.
Jack Wilshere, Alex Oxlade-Chamberlain and Kieran Gibbs are all subject of planned contract talks while negotiations will continue with the representatives of star duo Alexis Sanchez and Mesut Ozil over the summer.