Reports in L'Equipe had claimed that the 20-year-old was due in London on Friday to undergo tests before finalising a switch to the Emirates.
However, speaking ahead of the second leg of the Copa Libertadores final on Wednesday, the Brazilian admitted he does not know where his future lies.
"I don't want to talk about this in a week as important as this one," he told Superesportes.
"I want to talk about the game and I don't want to be impolite or ignore it in any way.
"I don't know what will happen after the game. My future at Atletico Mineiro will be in the board's hands from Thursday onwards."
Arsenal boss Arsene Wenger has so far only brought in France U20 striker Yaya Sanogo this summer and has been linked with a string of big names, including Luis Suarez, Wayne Rooney and Gonzalo Higuain.