Reports have suggested that the 19-year-old, who is out of contract at the end of the season, had already agreed a pre-contract agreement with Atletico Madrid.
“At the moment I am in talks with the boss. I told him I needed a bit of time,” explained Merida.
“The first thing in my mind is definitely to stay here, but I have to look at a few things and we will see how things progress.
“My agent and I are only talking to Arsenal at the moment, though, and nobody else – I want to see how my situation looks here and then I will decide what to do.”