David Dein's hopes of an Arsenal takeover have hit the skids.
Uzbek Usmanov bought former vice-chairman Dein's shares and the pair are aiming to take over the club.
Danny Fiszman has already ruled out selling his 24.1 per cent share and The Sun says Lady Nina will also not cash in.
Lady Nina has 15.9 per cent of shares and makes decisions in association with the Carr family, to whom she is related.
The Carrs have 4.4 per cent, so together they control just over one-fifth of the shareholding.
A friend of Lady Nina's spoke to The Sun with her knowledge and said: "Lady Nina is immensely proud to be associated with Arsenal and enjoys her work on the board, which she joined 2½ years ago.
"She has no intention of selling her family's shares to anyone, either now or in the future."
Lady Nina and husband Charles, renowned hoteliers, have an estimated fortune of £80million.