The 28-year-old Serbia international has told Belgian newspaper Sporza he will be making the switch to Anfield on a free transfer this summer but Benitez says there is still work to be done before the switch is finalised.
Benitez said: 'There have been lots of rumours but we will only say something if we finalise things. At this moment we are just talking with people and working.'
Jovanovic has claimed the deal is already done, saying: 'We have reached an agreement for three years, with the option to extend for another season. I have yet to undergo a medical exam, but that shouldn't be a problem.
'I opted to sign for Liverpool because they're one of the biggest teams in Europe. I'm absolutely delighted.'
Carragher limped off with a groin injury early in the second half at the Emirates last night and he was sorely missed as Abou Diaby headed home the only goal of the game.
'Carra has a problem with his adductor,' Benitez revealed.
'It's not serious, but we will have to see. He couldn't play on and we will see in the next few days how he feels.'
The defeat ended the Reds' seven-game unbeaten league run and dented their hopes of a top four finish. They remain in fourth place but are level on points with Manchester City who now have two games in hand.