That’s according to Arsene Wenger amid speculation the former Holland international is poised to head to the Emirates in a backroom role.
Overmars spent three years with the Gunners as a player, during which he won the Premier League, FA Cup and Community Shield.
In 2000 he left Highbury for Barcelona and he went on to enjoy a spell with Go Ahead Eagles too prior to hanging up his boots.
Overmars has been director of football at Dutch giants Ajax, the club he joined Arsenal from, since June 2012.
Tutto Mercato Web said earlier this week that an agreement had been reached for the 44-year-old to return to Arsenal at the end of the season.
Speaking ahead of Saturday’s showdown with Watford though, Wenger revealed that report was wide of the mark.
Asked about Overmars going back to Arsenal, Wenger said: "No [it’s not true], at the moment he’s a director at Ajax.
"We have always been in touch, yes, but at the moment no."
Pressed further on the matter, Wenger added: "Not at the moment, no."
Arsenal sit fifth ahead of their visit to Vicarage Road, having collected 13 points from their opening seven games.
They can leapfrog north London rivals Tottenham into third if they beat Watford and results elsewhere go their way.
