Zenit St Petersburg have told Sky Sports News that they are only talking to Arsenal about the proposed transfer of Andrei Arshavin.
The club's general director, Maxim Mitrofanov, told Sky Sports News chief news reporter Bryan Swanson talks are continuing with the Gunners and no other club.
Mitrofanov hopes a deal can be reached within the next two weeks and Zenit will consider receiving payments in instalments.
It follows claims from Arshavin's agent that Zenit are attempting to inflate the price tag of their talented playmaker.
Dennis Lachter, who represents the gifted forward, suggested reports of an impending move to Emirates Stadium were premature.
Arshavin helped Zenit lift the Uefa Cup last season with victory over Rangers in the final and went on to impress for his country during Euro 2008.
A summer of speculation over his future ensued, with Barcelona, Tottenham and the Gunners all credited with an interest, but no move materialised.
Zenit coach Dick Advocaat expects Arshavin to leave before the transfer window closes, with Gunners boss Arsene Wenger admitting he would be prepared to sign a player even if he was ineligible for this season's UEFA Champions League.
However, Lachter told the London Evening Standard: "There is no news, no negotiations yet.
"I represent the player and I can assure you I would know if something had been discussed. It is the people of Zenit trying to initiate some kind of interest.
"They are trying to use the media to make the price of Arshavin £20million - I would not take it seriously."
Given Wenger's transfer market history, the Gunners would be highly unlikely to splash out such a figure on one player, with Zenit coy on what fee they would accept.
General director Maxim Mitrofanov said: "It's very difficult to discuss the Arshavin value.
"We want to get an adequate payment. We also need to see what player will be coming to us to replace Andrei."