The 25-year-old Swiss international has been persistently linked with a move to Napoli in recent weeks.
"In football anything is possible, but there has been no contact with them for now," Flavio Ferraria told Radio Crc.
"I agree that Djourou would be a useful addition for Napoli, but only in January when we find out whether Arsenal want to keep him or send him out on loan.
"He is fit, but things can go like this sometimes. Maybe in a few weeks Djourou will be a regular for Arsenal."
Djourou has played just once for the Gunners this season.