Atletico Mineiro will sell Brazil international midfielder Bernard for offers of around £21.5million.
Atletico Mineiro's director of football Eduardo Maluf says the offer they would require has yet to be received.
"The president has made it clear that if there is a 25m euros offer, he will sell Bernard and we will sign another player," Maluf declared.
"Otherwise Bernard stays. He is young and can leave at the end of the year.
"Arsenal have denied the Bernard rumour. He is the great player of the moment."