Gunners boss Arsene Wenger was this week quoted as saying Fiorentina had made a bid for the 28-year-old, but Viola sporting director Daniele Prade dismissed that claim and cited the player's wages as one reason they would not be pursuing a deal.
Prade told SportItalia: "Have we made an offer for Chamakh? We have not made one because he earns three million euros (per season)."
Prade did confirm, however, that Chamakh's Morocco striker partner Mounir El Hamdaoui would soon join the Florence outfit from Ajax.
"We hope to complete El Hamdaoui's transfer," Prade said. "He is a striker that our coach (Vincenzo Montella) likes a lot."
Morocco international Chamakh joined Arsenal on a Bosman free transfer from Bordeaux in 2010 but has failed to hold down a regular place at Emirates Stadium.