Boca Juniors say they will only allow Arsenal target Cristian Pavon to leave the club if his €35 million buyout clause is met, and also insist no offer has been received from the Gunners.
Reports in Argentina and England say Arsene Wenger is prepared to make a bid to acquire the Argentine forward as a replacement for Alexis Sanchez.
Sanchez has not signed a new contract with Arsenal and, according to ESPN FC sources, the Chile international could join Manchester City later this week.
Asked if Arsenal had made an offer for Pavon, Boca president Daniel Angelici told local radio station Continental 590: "The club has not received anything for Pavon. Unless a club comes along and pays the €35m release clause, I don't think he will leave this year."
Angelici remains calm over fears that Pavon could leave this month.
"I don't think so, not this year," he said. "When we signed the new contract [last summer] I told him that I would like him to remain at least until the Copa Libertadores and then I told him personally that we would not limit his career."
The 21-year-old had offers to leave Boca but signed a new deal until June 2022.
"I decided to renew his contract, to give him a good contract so he feels comfortable," Angelici said, who also revealed that Pavon has the highest release clause at the club.
When asked about the €35m price tag last August, Pavon said: "To have a buyout clause like this one can only fill me with joy, I'm very grateful."
Pavon, who joined Boca in 2014 from Talleres de Cordoba, has scored three goals and set up six more in 12 league appearances for the Superliga leaders.
He made his senior debut with Argentina's national team against Russia in a international friendly in November and is likely to make Jorge Sampaoli's World Cup squad.
"I have a feeling he will go to the World Cup but it depends on Sampaoli," Angelici said of Pavon.