Nicollin also dismissed speculation that the club would be prepared to sell Giroud for a fee in the region of €10million (£8.3m) in the January transfer window.
"Newcastle? They are too small for him," Nicollin told RTL.
"Arsenal? We must see if Arsene Wenger is interested because he has Van Persie.
"€10m? He won't go for that.
"Given that he still has more than two years left on his contract, he'll cost a lot more, either €50m (£41.7m) or €60m (£50m)."