The Gunners were in the market for midfield cover during the January transfer window, with Kim Kallstrom drafted in from Spartak Moscow after Aaron Ramsey's recovery stalled – though the Swede has yet to play for the north Londoners due to a back injury.
One player that caught Arsene Wenger's eye was Montolivo, says the Italian's representative Giovanni Branchini – though he insists the 29-year-old, also subject to interest from Atletico Madrid and Borussia Dortmund, is keen to stay at Milan.
"Milan have had a difficult season so far and I think I can say that Riccardo Montolivo has been one of the brightest notes," Branchini told Calciomercato.
"He became a fixture of the Rossoneri and was even given the captain's armband as proof. He is very happy with the club to which he belongs, and the club and fans are very satisfied with him.
"An extension? He has a contract until June 2016, so it is not a priority to talk about an extension at this time. That's a discussion we'll have, I think, next year.
"Has there been interest from other clubs? There have been tentative enquiries from Atletico Madrid, [Dortmund boss Jurgen] Klopp and Arsenal, to name a few.
"All were trying to ascertain whether the 'path' to Montolivo was feasible. At the moment, however, I feel it would be very difficult for the player to leave Milan, precisely because of what I said before."
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