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Juano Matos' father and agent claims that he rejected an offer from a London club for the position of right back in the Spanish national team.
The 23-year-old footballer's contract with Valencia will expire next summer, so it is likely that the deal will still go through.
Mata is also interested in clubs such as Inter Milan and Tottenham Hotspur, but so far Arsenal has put in the most effort.
"Valencia simply rejected the offer," agent Juan Manuel Mata Rodriguez told calciomercato.com. "There were doubts for a while. For now, my son remains a player for Valencia, but I think we will soon receive another offer."
The Spaniard's value could reach around 20 million euros.