Last week the Colombia international was quoted as saying he was close to sealing a deal with the Premier League giants.
Bayern Munich had also made an approach for the 24-year-old, who was previously a target of Arsenal.
But his agent, Massimo Italiani, believes Zapatas' comments may have been misunderstood and suggested his immediate future will be best served by staying with Udinese.
"The statements coming from South America travel too many miles and sometimes they have different meanings from the original ones," he told notiziariosportivo.com. "There is no news regarding his future.
"Of course, his dream is to play in the Premier League one day, but to leave a club like Udinese you need a request from a big club.
"Cristian will now be involved in the Copa America and we hope he will be a key figure after having a fantastic season with his club.
"Udinese is the ideal environment for him to grow without much pressure."
Zapata helped Udinese finish fourth in last season's Serie A and he still has two years left on his contract at the Stade Friuli.