He's scored 30 times in 61 games for Napoli and helped them win the Coppa Italia last term.
Arsenal, however, are likely to have to compete with Liverpool and Manchester United for his signature.
The English trio are all keen to improve their forward line this summer as the competition for the Champions League places continues to intensify.
But Higuain's agent, and father, dismissed speculation he will leave when the transfer window re-opens.
“I haven’t spoken to any club, firstly because they haven’t called me and secondly because it would be disrespectful to Napoli, it wouldn’t be fair," Nicolas Higuian said.
“[Napoli President Aurelio] De Laurentiis is a great person, a man of honour and I couldn’t behave incorrectly. We’re not thinking about leaving Napoli.
“I’m confident that the team can make third place [and qualify for the Champions League], then we’ll see about Gonzalo’s future.”