The Argentina international has been heavily linked with a move to the Premier League in recent weeks and Palermo chief Maurizio Zamparini claimed that the Gunners have already made an offer for striker.
Wenger was quizzed about the speculation linking Dybala with a move to Arsenal at a news conference on Thursday morning as the Gunners prepare for Saturday’s Premier League clash with Liverpool.
But the Frenchman insisted that there was no truth in the rumours.
Wenger said: “Ask him [the Palermo president] to show you the offer. [There is no interest], not at all.”
Dybala has been in excellent form for Palermo this season, racking up 2,335 minutes of top-flight action this term. He has scored 12 goals and made seven assists in 27 games in Serie A this season.
The 21-year-old forward joined Palermo from Argentine side Instituto back in 2012 and has made 82 league appearances for the Italian side.
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