The 27-year-old right-back has been a regular for the Gunners in recent campaigns, with Arsenal still in the hunt for the Premier League title this term.
Current Inter full-back Maicon has been linked with a transfer away from the San Siro, with Sagna seen as a possible replacement.
The Frenchman's agent Christophe Mongai says Sagna is happy at The Emirates, but did not rule out the possibility of a future move.
"In the next session of the market I expect many transfers of full-backs," he told tuttomercatoweb. "If Maicon were to leave it would be logical that Inter Milan think to a player like Sagna.
"Have I had contact with Inter? There was speculation but nothing concrete. Possibly we'll talk more in the future.
"However, I want to stress the player is very happy in London. But football is a business."