Arsenal have informed intermediaries that captain Martin Odegaard is not for sale.
The Norway skipper has emerged as a target for PSG chief Luis Campos.
But the London Evening Standard says Arsenal have let it be known they will not consider any offers for Odegaard.
Odegaard has two years to run on his deal with an option to 2026. But Arsenal wish to rip that up and reward their captain a bumper pay-rise.
Aaron Ramsdale, Bukayo Saka, Gabriel and Gabriel Martinelli have all signed new contracts in recent months.
And Odegaard is set to be the next on the rank to see his terms upgraded.