Arsenal only signed Xhaka, 24, last summer in a £35million move from Borussia Monchengladbach.
But there are claims the Switzerland international could seek to quit the Emirates.
He has been linked with a move to Bundesliga champions Bayern Munich.
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I am in an outstanding city, an outstanding club
However, Xhaka told Swiss newspaper Blick that he has no desire to leave north London.
"I have read that too. But I have not heard anything," Xhaka said.
"I am in an outstanding city, an outstanding club. The only thing that Arsenal has been missing is a league title.
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"I believe that will change soon."
Arsenal player Granit Xhaka has distanced himself from a move to Bayern Munich
Xhaka (left) has been criticised for picking up eight yellow cards and two reds this season
Arsenal sit sixth in the Premier League – six points off the top four
Arsenal face a summer of unrest, with manager Arsene Wenger potentially leaving the club after 21 years in charge.
The futures of Mesut Ozil and Alexis Sanchez are also in doubt, with both players entering the last 12 months of their contracts come the summer.