Arsenal have yet to table a formal offer for Boca Juniors winger Cristian Pavon, according to the Argentine side's president Daniel Angelici.
Reports emerged on Tuesday suggesting that the Gunners were close to confirming the arrival of Pavon, who is seen as a like-for-like replacement for Alexis Sanchez.
Boca have denied receiving any bids from Arsenal, though Angelici concedes that the club will be powerless to stopping any move should the Colombia international's £27m release clause be triggered.
"For the moment, we have not received any proposal, formally or informally. For now, they are all rumours, as always, just comments in the corridors," he told reporters.
"But I know very well what I said to Cristian when we renewed his contract. I am not going to cut off his career, but we made him a nice contract so that he would be comfortable.
"We put a release clause in the contract just in case clubs like this appear. It's then the player who has the last word. He looks fine to me, very focused on 2018 with Boca Juniors. We always help him with his future, but I trust Pavon will be with us for 2018."
Boca brought Carlos Tevez back to the club last week following his underwhelming spell in the Chinese Super League with Shanghai Shenhua.
