The 26-year-old Moroccan is expected to sign a pre-contract with a club before the end of the current campaign when he will become a free agent.
Chamakh has reportedly been on the Gunners' radar since last summer when a host of other Premier League clubs, including Tottenham Hotspur, Fulham, West Ham and Blackburn, were believed to be keen to secure his services.
Gunners' boss Arsene Wenger - speaking ahead of the Gunners' crucial clash with Liverpool - stated that he had not made a move to sign the Bordeaux goal-getter, who has netted 67 league goals for the French champions, saying:
"I believe he talks to many clubs, that he is entitled to do.
"He is free to sign a pre-contract. He is free to sign where he wants but I cannot interfere in that.
"We are talking to nobody."
However, reports on Tuesday claimed that Chamakh had agreed a deal to join Arsenal at the end of the current campaign - reports that the player himself has now rubbished.
"I haven't yet signed at Arsenal," he told French reporters.
"But as the days pass I feel less and less a Bordeaux player.
"I've said though that you will be the first ones to know when I sign."
