The 27-year-old France defender is a reported target of Italian giants Inter Milan and Juventus.
Sagna's agent Christophe Mongai has denied receiving any offers from top Italian clubs and claims his client is happy in London.
Mongai said to calciomercato.it: "So far, I have not been contacted by Juve.
"I've heard that Inter is looking for players in that position and that they might be thinking of Bacary. But I have not had any direct contact with the Nerazzurri.
"I don't know what could happen at the end of the season but what matters is Arsenal, considering that the player is contracted until June 2014.
"He is very happy in London and (Arsenal coach) Arsene Wenger is satisfied with his performance.
"I believe that only a very important offer would be considered by the club (for Sagna to leave)."
Sagna joined Arsenal from Auxerre in the summer of 2007.