Zenit St Petersburg president Alexander Dyukov insists no offers have arrived for Andrei Arshavin.

Real Madrid have confirmed their interest, while Arsenal and Tottenham have also been linked with the midfielder ahead of the winter market.

Dyukov said: "It's not correct to talk about letting Arshavin go. We can't simply let him go.

"It was his decision to sign a long-term contract on very good terms and he got a serious profit from it. He became the highest paid player in Russia so we won't release him for free.

"We will look at possibilities if we have bids for him. At the moment Arshavin wants to go but we don't have any offers."

Arshavin recently stated he would not play for the UEFA Cup winners next season and that if the club refused to release him he would remain a Zenit player "on paper only".

Dyukov doubts whether Arshavin would go on strike but maintains that such behaviour would not be tolerated.

"If Arshavin stays at Zenit next season and decides to strike it will be the end of his football career," Dyukov explained. "That would be his own decision and I don't think he will do it because he is a professional.

"Naturally we are prepared to listen to offers for him, as we have been in the past. But, frankly, the summer's offer from Tottenham was indecent.

"They suggested paying us by instalments for four years. That would be some kind of loan which was unacceptable to us."