The striker has been in sensational form this season. He was reportedly a major summer target for Swansea, per the Daily Mail Online's Chris Wheeler, although a fee could not be agreed.
Per the latest report, though, Duchatelet said:
"What is new is the interest of Arsenal, although Arsenal are just one of many clubs who are chasing our striker Michy. Anyway, we are not willing to let go Michy this season."
The 20-year-old has begun the current season in sensational form, scoring 12 times in his opening 17 appearances to fire Standard Liege to the top of the Jupiler Pro League.
There have been doubts about his attitude, as succinctly expressed by ESPN FC's Michael Yokhin, but there is no doubting that the all-round quality the forward brings will appeal to Arsene Wenger and others.
He is a centre-forward primarily, but his pace and close control also lend themselves to operating in wider areas if required. It is such versatility that could see him stake a late claim for a place in the Belgium squad at next summer's World Cup.
Arsenal have some exceptional attacking options but are a club that have done particularly well in picking up emerging talent over the 17 years of Wenger's tenure.
France Under-20 striker Yaya Sanogo is already waiting in the wings at the club, but it would be of little surprise to see Wenger enter the market for another young forward if available. Both players' versatility also plays in their favour.
Standard are adamant that Batshuayi will only leave at the end of the campaign, which means he must maintain his form until the end of the season to earn a move to one of Europe's big clubs.
Thus far, though, he is doing everything right after finally beginning to put his initial attitude problems behind him.