Reports on Tuesday suggested the 28-year-old's representatives are set for talks with the English side.
"There are no direct offers," the source told BBC Sport.
"Only by meeting the release clause of 94,376,000 euros will the player leave Napoli. Otherwise Higuain will stay for the remaining two years of his deal."
Gareth Bale's £85m move from Tottenham to Real Madrid in 2013 is the most expensive transfer in football history, surpassing the £80m Real paid Manchester United for Cristiano Ronaldo in 2009.
In 2013, then Real Madrid forward Higuain agreed personal terms with Arsenal, but joined Napoli after the Gunners failed to make an offer.
Last season, Higuain won the Capocannoniere - Serie A's golden boot - after scoring a league record 36 goals as Napoli finished runners-up to Juventus.
Meanwhile, Napoli have not received any offers for 25-year-old Senegal centre-back Kalidou Koulibaly, who has been linked with Everton and Chelsea.
Arsenal must pay Napoli 94m euros (£80m) to sign Argentina striker Gonzalo Higuain, according to a source close to the Italian club.