The Gunners want to sign the left-back, along with Napoli, but Lennon says no real progress has been made on a possible deal.
“I have taken no notice of the headlines,” Lennon said. “I am well aware of where we are in terms of the situation.
“I spoke to Kieran in Austria and to be honest I haven’t really seen much of him because he came back early for rehab, so has not been on the training ground as yet.
“It can be an unsettling period for any player and that is understandable but until a club comes up with any sort of realistic valuation of the player we don’t have to do anything and we won’t.
“It’s as you were. Kieran is getting on with his rehabilitation and we are getting on with what we have to do here.”
In other news, the Gunners want to sign the Real Madrid winger, but they have only £40million to spend this summer – and Los Blancos value Vazquez at £36million.
This would decimate Arsenal’s budget with just a single signing, and Marca claim the north Londoners are ‘yet to offer’ that amount to Real.
There is no knowing whether Arsenal will negotiate with Madrid to try and lower the asking price.