The Borussia Dortmund midfielder has been linked with a move to Arsenal this summer.
The Swiss international has been heavily linked with a move away this summer having impressed in the Bundesliga.
Indeed, it appeared they had already taken the steps to signing him as the report claimed that they had opened negotiations, with the price starting at £24million.
Xhaka though, has insisted that no club has made an offer yet, but if they should he will sit down and make a decision on his future.
"What happens is not entirely down to me,” he told RP-Online.
“I can only say that I am really happy here, and my contract runs through to 2020. At this time, no offer has been made. Should something come up, we'd possibly sit down and decide what happens.”
Even if Xhaka does not end up at Arsenal this summer, there are likely to be several new faces coming into the club.
After a disappointing season for them, it is widely agreed that signings are needed to revitalise the squad and make the Gunners serious contenders once again.
A world-class striker will surely be their chief priority given how the front line has struggled once again in this campaign.