Arsenal have held no talks with Bordeaux over the potential transfer of Brazilian forward Malcom, according to the French club's president Stephane Martin, reports Sky Sports.
Reports in Brazil claim the Gunners have already agreed a £44.4m deal to sign the 20 year old forward, who has scored seven goals in 22 games in all competitions this season.
"Things are clear with his agents. He has not been extended and secured this summer to give him away this winter," Martin told L'Equipe.
"We never had a discussion with Arsenal. From our point of view, it's wind. They can always try, but they will have a hard time taking him from us."