Arsenal chief executive Ivan Gazidis is ready to resist an offer from AC Milan.
Gazidis is a target for Milan's new owners, Elliott Management.
Il Giornale says Gazidis has told close friends that he has no intention of giving up his role at Arsenal.
Former Milan player and boss Leonardo is now in the mix, having worked in a similar role at Paris Saint-Germain until 2013.
Elliott Management founder Paul Singer is said to have a son who is a big Arsenal fan.
And he knows Gazidis personally from visits to watch the Gunners play.
Oxford graduate Gazidis accepted the post of Arsenal chief executive in November 2008.
In that time he has also overseen big personnel changes at the club, including the departure of Arsene Wenger and arrival of Unai Emery.