Mikel Arteta refused to discuss Arsenal's January transfer plans following his side's 1-0 win over Brighton in the Premier League.
The Gunners have been strongly linked with a move for the Real Madrid man, and are keen to bring him in on a half-season loan deal, according to PA.
Arteta was asked to respond to the speculation on Tuesday night.
He said: "The last few results won't change our approach to the window. And obviously we can't talk about any individual players."
The Gunners have lacked creativity all season, with German playmaker Mesut Ozil frozen out at the Emirates.
Isco could provide Arsenal with a spark, but there are many problems that stand in the club's way, including the Spaniard's wages, and reports in Spain claiming the midfielder wants to join La Liga side Sevilla on a temporary basis.
Arsenal recorded their second victory in four games on Tuesday night, as Alexandre Lacazette's effort was enough to beat Brighton at the Amex.
After the match, a rejuvenated Arteta said: "Any manager it's hard enough considering the context - it's been quite a challenge.
"I've suffered in some moments but I have great people around me.
"This period has been so important. We had a tough week, it wasn't so much about performances but about results yet you need results to start the confidence.
"Now with two wins, everybody is in a better mood. We've managed to get through this period while maintaining our team spirit and cohesion.
"It has been frustrating with defeats and that can affect the team but hopefully we can now go on a runs in a positive direction."
Will Arsenal complete a loan deal for Isco in the January window? Have your say here.
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