Denilson is not in negotiations with any other club and now appears likely to remain at Arsenal.
Arsenal are set to make changes to their squad this summer and Denilson, 23, was thought to be among those players who would be sold on to make way for new arrivals.
Last month, Denilson was quoted as saying he had endured the "worst season of my life" and added: "I've been to see Arsene Wenger and told him how I felt and he agreed to let me go."
However, agent Gerardo Santiago dismissed talk of a switch to AC Milan as "rumours" and said his client intends to return to the club for pre-season training.
"Currently there are no negotiations," Santiago told Calcio Mercato. "The only certainty right now is that Denilson will be at training with Arsenal on July 7.
"With Wenger we often talk about other issues, but we have never touched on the topic of a possible departure for Denilson."