Arsene Wenger insists reports that Arsenal have offered £6million for Bolton Wanderers defender Gary Cahill are incorrect.
Bolton have confirmed that an offer from the Gunners has been turned down and Owen Coyle claimed the bid could not even be described as 'derisory'.
Reports have suggested that Arsenal put a bid between £6m-£7m on the table as Wenger looks to improve his defensive options before the transfer window closes.
However, the Gunners boss has dismissed offering the figures that have been quoted and is unsure whether Bolton are prepared to sell Cahill.
"First of all I would like to say the number is wrong," said Wenger.
When asked if it was less than £6m, he joked: "You know me quite well!
"It's completely wrong and nothing to do with how much we rate the player.
"I believe negotiations are between two parties and you only have to sell the player if you are alright with the price.
"In this case the information is below what has been spoken about."
Bolton chairman Phil Gartside re-tweeted a message sent by a Bolton fan angered by the offer, but Wenger was furious at the Trotters' reaction.
He said: "It is not true. You can believe Gartside or you can believe me. It's not right. It's not the truth.
"If Gartside can say I am lying I am ready to confront him. The truth is that we never speak about our negotiations.
"If a club doesn't want to sell a player it can keep him. When we sign a player we come out here and tell you and keep the price a secret.
"They do not need to sell the player, they can keep him. If you ask do I want to buy your house and you are not happy with the price you say no, that's it.
"Why should you feel insulted? I don't understand. If the player is not for sale they can keep him. I don't understand the problem.
"If we want to buy the player we buy the player. I do not have to explain for how much."