The 28-year-old, who featured three times for France at the World Cup before their quarter-final exit, was reportedly expected to undergo a medical at the Emirates Stadium today.
However, despite posting a message saying "Goodbye Brazil. Hello Arsenal" on his Instagram account this morning, the Newcastle United right-back says that no move has yet been finalised.
"It is not I who posted it on Instagram," he told L'Equipe. "Everyone says that, but there is nothing done. For now, we are discussing. Arsenal is a great club, we'll see how it goes."
Debuchy joined Newcastle from Lille in January 2013.