The 24-year-old Belgian international enjoyed an impressive Premier League campaign in 2012/13, with his performances attracting admiring glances from a number of potential suitors.
Gunners boss Arsene Wenger has been credited with an interest in bringing Mignolet to the Emirates Stadium this summer, as he looks to strengthen his goalkeeping options when the transfer window reopens on July 1.
However, Arsenal's hopes of landing the Black Cats' custodian have been dealt a blow after he reiterated his commitment to the Wearside club, insinuating that he'll still be playing under Paolo Di Canio next season.
"As a footballer, you want to do well and want to win games and finish higher in the table than 17th," Mignolet told the Shields Gazette. "On that point, it was a disappointing season.
"But then again, there's a reason for that and hopefully next year we can do a lot better.
"Of course, when a new manager comes in, there's new things around and since he's come in, all the games we've played - apart from the Aston Villa game - there were positives. So that's good for the future."
After reflecting on a disappointing campaign that saw Sunderland embroiled in a relegation dog-fight, Mignolet is hopeful of more consistent performances that will help the club push on up the table in 2013/14.
"During the season, you don't really think about how things are going because you still have a lot to fight for, even if that's avoiding relegation," he added. "But now the season is over, you can make a judgement on how well we've played and how bad we've played.
"Now is a time to look back over the season and for everyone to look in the mirror to see what they can do better for next season."