Pavon's agent Fernando Hidalgo has insisted, as reported by the 'Daily Mail', that Arsenal have not approached him since the January transfer window.
Speaking to 'Radio La Red', Hidalgo said: "There is still nothing official from Arsenal, Pavon informed Boca's hierarchy about his desire to stay and pay in the Copa Libertadores."
Pavon has featured in all of Argentina's four matches at the World Cup, before they were knocked out by France in the round of 16, losing 4-3.
Daniel Angelici, Boca Juniors', president previously revealed that Pavon has a buy-out clause installed into his contract.
There has been a lot of talk that a £26million bid would be enough to trigger the release clause.
According to 'The Sun' the winger has also received interest from Barcelona, after recommendation by his international teammate Lionel Messi.
However, at least at the moment, it looks like Pavon will be staying with the Argentinian giants Boca Juniors.
Arsenal have already been busy in the summer transfer window, bringing in Stephan Lichtsteiner, Bernd Leno, and Sokratis Papastathopoulos.