Earlier this week, Palermo president Maurizio Zamparini claimed that both Arsenal and Juventus had made bids for Dybala.
"Juventus and Arsenal have already made offers for the boy,” he told Radio Marte Sport. “[Pierpaolo] Triulzi, his agent, will be in Italy on Friday.”
Wenger, though, has now dismissed these claims, insisting that Arsenal have not made an approach for the 21-year-old.
"Ask him to show you the offer... [no interest] not at all," Sky Sports quotes the Frenchman as saying in his press conference this morning.
Dybala has been in brilliant form for Palermo so far this season, scoring 12 goals and creating 42 chances in 27 Premier League appearances.
The Argentine is highly rated, but perhaps Arsenal do not need him at this moment in time.
The North London have a very good and established Premier League striker in Olivier Giroud, while England international Danny Welbeck joined the club from Manchester United in the summer of 2014.
While competition for places and having options is certainly good, Arsenal do not need a striker, unless, of course, Giroud or Welbeck were to leave in the summer transfer window.
Signing Dybala is only going to reduce the playing time of Giroud and Welbeck, and that is certainly not good for Arsenal going forward.