Lille boss Frederic Paquet has rebuffed suggestions Arsenal have lined up Eden Hazard as a direct replacement for outgoing midfielder Samir Nasri.
Frenchman Nasri is expected to finalise a move to Manchester City on Tuesday, with Gunners boss Arsene Wenger under pressure to immediately pump the funds back into his squad.
Barring no hiccups in Nasri's move, Arsenal will have sold arguably their two most influential players, with former captain Cesc Fabregas having joined Barcelona earlier this month.
Wenger insists he will not panic buy, but is thought to be a keen admirer of Belgian playmaker Hazard, who has scored 23 goals in 123 club appearances.
The 20-year-old has been touted for a move to one of Europe's elite clubs for some time, but Lille's general manager insists it will not happen this transfer window.
"Eden will not be leaving this season," said Paquet. "We are aware of interest from some of the biggest clubs in Europe but we are not prepared to sell.
"He is very happy here, he understands our project and wants to stay for at least another year."
Hazard has made 20 appearances for Belgium, without finding the net.