Gakpo, 23, has been linked with a move to the Gunners after an impressive season at the Philips Arena. The Dutch winger made 46 appearances across competitions, scoring 21 goals and contributing 15 assists.
The aforementioned source carries a report from Eindhovens Dagblad which says:
"Gakpo is in the interest of many clubs, but PSV does not want to do business at the moment because the Champions League meetings are on the program."
PSV are looking to make the Champions League following a second-placed finish in the Eredivisie. Boeren face AS Monaco in the third round of qualifiers and want Gakpo for the clash against the Ligue 1 side.
Arsenal had held an interest in Gakpo and were reportedly considering using his versatility to effect by having him play both as a winger and as a left-back. The Dutchman may have been viewed as a potential alternative to Raphinha, with the Brazilian winger snubbing Mikel Arteta's side to join Barcelona.
However, a lot has changed since then, including the signing of Manchester City left-back Oleksandr Zinchenko for £31.5 million. The Ukrainian made his debut in a pre-season friendly against Chelsea on July 23 and started at left-back in the 4-0 win. Gakpo, meanwhile, has four years left in his contract with PSV, with Transfermarkt valuing him at £27 million.
Arsenal target Cody Gakpo idolised Gunners legend Thierry Henry
PSV Eindhoven winger Cody Gakpo has gone on record to say how he used to idolize Arsenal legend Thiarry Henry.
The 23-year-old even said that the north London side are his favourite Premier League side, saying:
"Everybody wants to play one time in the Prem. I don’t favour one team, but I like Arsenal a lot. I looked up to Henry when I was younger because he was a tall guy who played on the wing."
Gunners fans would hopeto see Gakpo flourish in a similar role to what Henry did during his time at the club. The Frenchman became perhaps the Premier League's greatest ever player with a record of 258 appearances, 175 goals and 83 assists.