The Gunners confirmed the Croatia international had joined the club for an "undisclosed fee" on Monday as they made their first signing since Thierry Henry's £16.1million move to Barcelona.
But Dinamo president Mirko Barisic appears to have claimed Arsenal spent all of the Henry transfer money - and more - on the signing of da Silva.
He is quoted on the UEFA website as saying: "I think the transfer is worth 24million euros (£16.25million) from the money Arsenal got after selling Henry to Barcelona."