The Frenchman, whose contract at the club expires in 2014, has been linked with a position at Ligue 1 giants Paris Saint-Germain, with some reports claiming that he could end his 17-year stay in North London this summer.
However, Hill-Wood has hit back at the speculation, and insists that the 63-year-old is going nowhere.
"I think this is complete nonsense - in fact, I know it is complete nonsense," Hill-Wood told the Daily Star.
"That is news to me and I would certainly know if there was [a deal with another club]. He is happy as Larry and the whole thing is complete rubbish."
Wenger took charge of the club in 1996.