The England international, who has two years remaining on his current contract, enjoyed another successful campaign with the Gunners, scoring 12 goals in his 43 appearances in the 2021-22 season.
With his contract set to expire in a couple of years, a previous report stated that Man City had stepped up their interest in the 20-year-old.
Although the Premier League champions were not expected to move for Saka this summer, a future transfer for the Arsenal player was reportedly considered.
However, according to The Mirror, City sources have allegedly stated that there is "nothing in the rumours" linking the club with the Englishman.
With the winger set to enter the final two years of his contract, the Gunners are trying to end future speculation by tying Saka down on a new long-term deal. body check tags ::