The 30-year-old was linked with a move to the Emirates last summer before the Gunners sealed a £12million deal for Mathieu Debuchy.
But Juanfran believes he made the right decision staying with the La Liga giants.
"I know where I am. Atletico have pushed for me to stay," Juanfran told Spanish radio station Radio Marca.
"I rejected two offers from Arsenal. It's what I feel."
I know where I am. Atletico have pushed for me to stay
Juanfran
Juanfran also concedes Diego Costa, who joined the Blues in a £32m deal, admits he has been sorely missed.
He added: "Diego Costa's [absence] is noted. He's such a great player, he gave us a lot.
"We had our game set up around him. Little by little this year we're getting there with [Mario] Mandzukic, [Antoine] Griezmann and [Fernando] Torres. It's all a question of time and work."
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