The La Liga champions look set for an overhaul of their defence this summer with right-back Dani Alves departing for Italian champions Juventus.
They will need a replacement for the Brazilian and Bellerin has been named as the man that they would target.
The Spanish star has established himself as number one right-back at the Emirates in the last two years, having broken into the first team in the 2014/15 season.
He is set to star for Spain at Euro 2016 also, and that has not gone unnoticed, but it seems a move will not be happening any time soon if Fernandez’s comments are to be believed.
"He is a great player, but at this time we don't consider it,” he told Sport.
The news will come as a big boost to the Gunners, who must have secretly feared that they would face a fight to keep Bellerin this summer.
The Spaniard has reiterated his intention to stay in London on several occasions, but a return to the Nou Camp would likely have proven very tempting regardless of that.