Melo was linked with a move to Arsenal last summer, but instead he joined Juventus.
Arsenal boss Arsene Wenger has confirmed that he is still keeping tabs on the midfielder.
“The words from Wenger are pleasing because they come from a coach of great prestige, but at the moment there is nothing more than mutual appreciation,” Umberto Fusco told Sky Sports.
“Arsenal have followed Felipe Melo ever since he was at Fiorentina, but I think it is unlikely that they will open negotiations with Juventus.
“It is true that Felipe Melo is not playing to his usual level this season but the problems are with the whole team, so the player has not been a failure.
“Juventus have shown great belief in him by making a big investment last summer and I don’t think they are going to want to sell him.”