Rangers have rejected reports Madjid Bougherra has agreed terms with Hamburg.

Speculation had suggested that Arsenal target Bougherra had accepted a £25,000-a-week offer to link up with Hamburg in a £5.25million deal when the transfer window reopens.

Bougherra, who has been representing Algeria at the World Cup finals, has been linked with several clubs after impressing during his time at Rangers.

However, Gers chief executive Martin Bain insists there has been no approach from Hamburg and stressed Bougherra still has two years left on his contract.

"We have had no contact from Hamburg and know nothing about this," Bain told the Daily Record. "It is worth pointing out that Madjid is under contract with us until May 2012."