The Blancos forward has been heavily linked with a move to the Premier League club during this transfer window.
But his representative has insisted that is not the case.
“We cannot fight against the rumours, but I assure you Karim will not go to Arsenal,” Karim Djaziri told Le Journal du Dimanche. “There has never been any discussions and no contact has been established.
“We are working on a contract extension for three years. Discussions are taking place quietly, without deadline.
“Karim could well end his career at Madrid, the club of his dreams.”
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