Russian giants Anzhi Makhachkala, along with big spending French duo Paris Saint Germain and Monaco, are being strongly linked with a move for the right-back.
Sagna has one year left on his contract at Arsenal, but he is over 30 and Arsene Wenger has a policy of no long-term deals for players of that age.
The France international has admitted he is yet to hear from Arsenal about a new deal, which has led to the speculation, and the Russian press believe he could be destined for Anzhi.
Sagna's official representative Christophe Mongai told Russian newspaper Izvestia: "This is not the best time to talk about Bacary's future.
"He's contracted to Arsenal and the season is still not over. We'll see what happens in the summer."
Anzhi are in the market for a right-back as Arseniy Logashov and Kamill Agalarov have both failed to impress so far this season.