Lazio's sporting director Igli Tare insists there is no truth in the rumours linking Arsenal with a move for Mauro Zarate.
The Gunners were believed to be in contact with Zarate's agent and willing to offer upwards of £35million for the former Birmingham loanee.
The Argentine forward impressed on loan for Blues in 2008 bagging four Premier League goals from six league starts and eight appearances from the bench.
However, Tare has played down the rumours, saying there is little substance to the speculation and that he is part of the club's future.
"It's only rumours, there is no truth," he told Corriere dello Sport.
"Lazio count on Zarate, who is a great champion."
Zarate spent last season on loan at Lazio, netting 13 goals in 36 appearances in the Serie A, before making his move permanent last summer.