Torino's claim that Arsenal made a bid of £55 million for striker Andrea Belotti has been disputed in north London, a source close to the club has told ESPN FC.
The Serie A club's director of sport Gianluca Petrachi said on Sunday that a bid had been received, but Press Association Sport originally reported on Sunday that Arsenal deny making such an offer.
Petrachi told Sky Sport Italia that Torino had rejected a €65m (£55.7m) bid from the Gunners for the Italy international.
Such a fee, if the offer had been accepted, would have seen him become Arsenal's record signing. The 23-year-old has impressed this season with 13 goals in 16 Serie A appearances.
Petrachi was asked about a bid from Arsenal, and told Sky Sport Italia: "Yes, we received that offer but it does not match Belotti's value.
"And for the time being he's not going anywhere: we want to enjoy having him around, then we'll see.''
The former Palermo player signed a contract extension last month that included a €100m release clause, applying only to foreign bidders.
Following Torino's goalless draw at Sassuolo on Sunday, Torino president Urbano Cairo stressed the importance of respecting the clause he worked hard to insert into Belotti's contract in December.
"We put a very high price on that clause to deter other clubs, and I want to keep Belotti close by,'' he told Sky Sport Italia.
"I've proved throughout my life that I'm more of a buyer than a seller, in fact I've never sold anything.''