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‘They gave me an opportunity to play in the Premier League, when I had just been relegated with Hull. They gave me that opportunity and it is a club I am really enjoying my time at. I am playing week in and week out which is important to me.
‘They have given me the platform to play at the World Cup so I feel I owe them and I respect that decision. Now I am looking forward to the season.’
Last term, left-back Luis scored one goal and provided three assists in 28 appearances in all competitions for Atletico, as Diego Simeone’s side defeated Marseille in the 2018 UEFA Europa League final.
The report suggests new Gunners head coach Unai Emery is looking to bring former Chelsea defender Luis back to London in the New Year.
The Brazilian was linked with a move to Paris Saint-Germain this summer, but that deal broke down after Atletico demanded a £27m fee for his services.
Emery is understood to want to sign an experienced left-back at the Emirates, despite already having Sead Kolasinac and Nacho Monreal at his disposal.
Luis, who found the back of the net once in 26 games for Chelsea during the 2014-15 season, is out of contract at Atletico by June 2019.