Over the past 24 hours, reports have suggested that Mkhitaryan is key to any deal which could take Alexis Sanchez to Old Trafford, and a straight swap deal has allegedly been agreed between the two clubs.
However, the Armenian's representative has suggested that the playmaker is not in a rush to leave United, despite the likelihood of regular first-team football in North London.
Raiola told Sky Sports News: "Sanchez is part of Mkhi's deal. Not the other way around. Without him, Sanchez simply cannot go to United.
"Mkhi's problems at Man Utd are purely related to playing football. He has no problem with the manager. It is not personal. And he has two and a half years left on his contract. He doesn't have to leave.
"At this moment, [chances are] low, but life is dynamic. This is a great deal for Arsenal. They need better, younger players and they have to invest. So it's up to Arsenal to put a deal in place and right now a deal is a long way off."
Mkhitaryan has played just 183 minutes of football in all competitions since the start of December.