Bild journalist Christian Falk has dismissed reports linking Germany coach Joachim Low with the Arsenal job.
A number of UK newspapers, including the Mirror and Daily Mail, have claimed that the 58-year-old is one of the managers on the Gunners' shortlist to replace Arsene Wenger.
But the rumours have now been rejected by Falk, who revealed that Arsenal are instead targeting Carlo Ancelotti and Thomas Tuchel.
Sorry @MirrorFootball @DailyMailUK, there is no chance for @Arsenal to get Jogi Löw 2018. Löw will not take over a club this summer, also if he would quit his job @dfb. He wants to have more time to prepare. But on @Arsenal shortlist are @MrAncelotti & @TTuchelofficial @SPORTBILD— Christian Falk (@cfbayern) February 27, 2018
"Sorry @MirrorFootball @DailyMailUK, there is no chance for @Arsenal to get Jogi Löw 2018," Falk wrote on Twitter. "Löw will not take over a club this summer, also if he would quit his job @dfb. He wants to have more time to prepare. But on @Arsenal shortlist are @MrAncelotti & @TTuchelofficial."
This comes with Wenger's future set to be reviewed at the end of the season following Sunday's disappointing 3-0 defeat to Manchester City in the Carabao Cup final.
Arsenal are believed to have identified a number of possible replacements for when the Frenchman eventually departs, including the likes of Leonardo Jardim, Brendan Rodgers and Mikel Arteta.
The manner of the defeat to City and Arsenal's lack of any challenge in the Premier League has led to contemplation from the club's hierarchy.
Missing out on the Champions League for a second successive season could see Wenger's position under further threat.
The Gunners are sixth in the Premier League and their best hope for a return to Europe's elite competition appears to be via success in the Europa League.
Arsenal owner Stan Kroenke has also facilitated chief executive Ivan Gazidis's off-field "catalyst for change", and could reluctantly accept that Wenger's two-year contract be cut short.