Elm has been linked with a move to the Premier League side, but insists he is happy at AZ.
The 21-year-old signed a four-year contract with the Dutch side when he joined the club from Kalmar in August.
“I am definitely not,” Elm told Fotbollskanalen when asked if he would be joining Blackburn in January.
“That’s totally made up. I like it a lot in Alkmaar.”
