Reports earlier this week suggested that the 25-year-old had already agreed a move to the Emirates Stadium and all that was left was for the two clubs to agree a fee.
However, Jorge Higuain has said that his son's options are still very much open.
"Nothing has been signed yet but I can assure you there are advanced talks between the clubs," he told the Daily Mail.
"We wouldn't arrange any personal contract before the clubs agree for the transfer. I'm aware Arsenal has made a strong offer, as well as Juventus."
Higuain scored 16 goals in 28 La Liga appearances last season.