The 28-year-old, who has been at the club since 2011, confirmed that Arsene Wenger was interested in securing his services.
However, the former Osasuna man, who last week agreed a contract to keep him at the Vicente Calderon Stadium until 2017, was happy to remain in La Liga instead.
"It is true that I had an offer from Arsenal, which any player would like to accept, but I like it here," Juanfran told AS.
"For me, you know, there is no better club than Atleti. I am very excited and motivated."
Atletico get their UEFA Champions League campaign under way on Wednesday against Zenit St Petersburg, having not featured in the competition since the 2009-10 season.
Juanfran is confident that they can enjoy success in the competition, describing Atletico as a "cup team".
"It has been some years without the Champions League at the Calderon," he continued.
"We are going to enjoy it as much as our fans will. We have a team and supporters to go as far as possible in the Champions League."
