Spanish newspaper Sport had claimed that the Gunners could offer Navas an escape route from Madrid, with the 32-year-old having been demoted to a back-up role behind summer signing from Chelsea Thibaut Courtois.
However, Petr Cech is due to quit the club at the end of the campaign when his present deal expires, and Arsenal will be hoping Navas provide more competition for Leno ifthe deal sees the light of the day.
But Emery - who often does not speak about transfer speculation - was bullish when asked if a move for Navas was on the cards. We've never spoken about Keylor Navas'.
Emery was speaking ahead of Arsenal's third-round FA Cup clash with Blackpool on Saturday, in what will be the Spaniard's first taste of FA Cup action.
We'll have to wait and see how things develop over the coming days but it would be a odd move for Arsenal to spend another £14m on a goalkeeper just six months after splashing out around £20m on Bernd Leno.
A number of clubs have expressed their interest in signing the Costa Rican, including the likes of Arsenal and Juventus, both of whom lack a top-class backup keeper.
Emery said after the Fulham game that he believes Ramsey will stay until the summer rather than be sold during the January window, and he again called on the midfielder to remain focused. On Tuesday, he scored when he played 15 minutes, and he gave a good performance.