The Gunners are rumoured to be ready to activate the 21-year-old's release clause, which is said to be valued at $NZD61.7 million.
However, Boca president Daniel Angelici insists there have not yet been any approaches for the Argentina international.
"For the moment, we have not received any proposal, formally or informally," he said, speaking following the presentation of new signing Carlos Tevez. "For now, they are all rumours, as always, just comments in the corridors.
"But I know very well what I said to Cristian when we renewed his contract. I am not going to cut off his career, but we made him a nice contract so that he would be comfortable.
"We put a release clause in the contract just in case clubs like this appear. It's then the player who has the last word.
"He looks fine to me, very focused on 2018 with Boca Juniors. We always help him with his future, but I trust Pavon will be with us for 2018."
The arrival of Tevez has encouraged talk that Boca could cash in on Pavon during the transfer window.
Arsenal is said to be considering the forward as a replacement for Alexis Sanchez, who has been heavily tipped to join Manchester City this month, with his contract expiring at the end of the season.
Pavon scored nine goals in 30 league appearances for Boca last term and has three in 12 games this term.