Hill-Wood says he is yet to hear from the La Liga champions and has reiterated his stance that he is not looking to encourage offers for the Gunners captain.
"We have heard nothing at all and I am not looking for a telephone call from them," Hill-Wood told the Daily Star.
"As far as I am concerned, he is our player. If they want to make a bid it is up to them."
Regarding the lack of approach, Hill-Wood added: "We are very surprised, but delighted."