A report suggests that the Gunners would look to replace Patrick Vieira with Michael and infers that discussions have already taken place.
But Paul says:
"I can absolutely and categorically deny that we have had any talks with Arsenal about Michael - nor do we intend to.
"Indeed we will not be talking to anyone about Michael, who is perfectly happy at West Ham and concentrating on tomorrow's game."
Michael plays his second game comeback at Stamford Bridge since injuring his knee at Liverpool last month.
The Reds were also linked with him recently but his response was to laugh off the report when told about it and reiterate that he was content at Uprton Park.