Borussia Dortmund chief executive Hans-Joachim Watzke says the club won't sell Pierre-Emerick Aubameyang.
The Gunners have been linked with the African Player of the Year for some time now and it had emerged that a firm offer was set to be placed on the table at the Westfalenstadion.
Former Germany international Lothar Matthaus claimed that Arsenal were prepared to part wth £75million for the 26-year-old striker but Watzke said, even if that were true, Dortmund are not offloading their prized asset.
"Matthaus appears to be in the know on this one…," Watzke told Bild.
"But in all serious, even if such an offer would come in, that would be irrelevant for us. We are simply not selling Auba."
Gabon international Aubameyang, who joined Dortmund from Saint-Etienne in 2013, has netted 24 goals in as many appearances for the Bundesliga club this season.