The Borussia Monchengladbach midfielder has been earning rave reviews for his performances in the Bundesliga this season.
It had led to claims Arsenal are preparing a January swoop, while Liverpool are also said to have been tracking the 23-year-old since the summer.
However, Xhaka has now quashed the speculation over his future by committing his future to Monchengladbach.
“I am under contract until 2019 here and I am really enjoying life at the club,” Xhaka told Sky Deutschland.
“This is all that matters to me, for the rest I have got my advisor and my father.”