Arsenal chairman Peter Hill-Wood insists they have not heard from Barcelona about Cesc Fabregas since rejecting their first offer for the midfielder.
Fabregas' future at Arsenal has again dominated the headlines this summer with Barcelona once again making overtures to lure the player back to Spain.
Gunners boss Arsene Wenger is keen to keep hold of Fabregas, but wants the transfer saga resolved one way or another before the new season gets underway.
Hill-Wood admits Arsenal would consider a 'very good offer' from Barcelona for Fabregas, but he claims he is not sure how keen the Spanish champions are on signing the Gunners skipper.
"I am not sure how keen they are. There are still stories in the (Spanish) press, but they don't talk to us," Hill-Wood told the Daily Star.
"They've made one offer, which works out at around £26m, but that was ages ago.
"But at the moment our situation is very straight-forward: we don't want to lose him.
"Obviously if they come up with an offer which was a very good offer we would have to think about it.
"We have told them a number of times that what they are proposing is unacceptable and yet they haven't moved on it.
"I don't approve of what they are doing, but unfortunately it seems the way of the world right now."
Hill-Wood admits he has become bored of the constant speculation surrounding Fabregas and a possible return to his hometown club.
"It has become a real bore and an unnecessary interruption to what we are trying to achieve," added Hill-Wood.
Hill-Wood also revealed he is not happy with Manchester City's pursuit of Samir Nasri.
City boss Roberto Mancini recently confirmed they were hoping to sign Nasri this summer.
Nasri has been linked with a move away from Arsenal with the Frenchman yet to agree a new deal at Emirates Stadium.
However, Hill-Wood is determined to keep the skilful midfielder at Arsenal despite the player entering the final year of his contract.
"City seem to have more money than anybody else, and they keep splashing it around all over the place," added Hill-Wood.
"But our position is very straightforward: we don't want the player to leave."