Zenit St Petersburg insist that they have not held any discussions in regards to the sale of Andrei Arshavin.
The Russia international is widely tipped to be heading to one of Europe's biggest clubs this summer, with Chelsea, Barcelona, Real Madrid and Arsenal all supposedly keen on the playmaker.
However, his current employers have revealed that Barcelona are the only side to have made an official approach and it has emerged their bid did not meet Zenit's valuation.
"FC Zenit informs everyone that, as of this moment, there are no negotiations about Andrei Arshavin's transfer to any club," read a statement on Zenit's official website.
"The only request about the possibility of the forward's transfer was the offer from Barcelona.
"Information in the media about Zenit's negotiations with Chelsea is not corresponding to the truth."
And Zenit's legal spokesman Pavel Pivovarov told Sky Sports News that Barca's initial offer was not be enough to secure Arshavin's services.
He told Sky Sports News: "We have received an offer from FC Barcelona, but now we need to negotiate the transfer sum. Nothing is decided.
"It's about him, it's about the club, whether we will be satisfied with the offer. Now, we are not."
Arshavin has been granted extended leave from domestic action following his exploits at Euro 2008 and is not due to join up with his team-mates again until September.
The 27-year-old believes that he needs a break in order to weigh up his options and is grateful to Zenit manager Dick Advocaat for allowing him the opportunity to do so.
"Dick Advocaat says my mind is occupied with other thoughts and therefore until the matter of my contract is resolved it is better to take a break from playing, and I agree with him on that," he told Sport Express.
Arshavin went on to add that he hopes his future will be decided "within the next two weeks".