Felipe Melo's agent has stressed that the Fiorentina midfielder has not opened talks about a transfer with another club.
Fiorentina issued a statement on Saturday confirming the Brazil international's current contract holds a €25million (£21.4m) buy-out clause.
The Viola also claimed that Arsenal are the only side to have come close to reaching that figure, while they hinted Emmanuel Eboue could be used as a makeweight in the potential transfer.
Melo's representative, Jose Rodriguez Baster, has now moved to state that discussions between Arsenal and the player are not ongoing as an agreement has not been struck with Fiorentina.
"We are not negotiating with any club, if a team is interested in the player they must first find an agreement with Fiorentina," said Baster.
"There is much talk about Felipe because he has enjoyed a great season. But we are not dealing with any club."
Juventus are also thought to be interested in Melo, who is contracted to Fiorentina until 2013 after the Italian club opted to take up a further year on his previous deal.