Malaga coach Manuel Pellegrini does not believe the club's owners would accept a €20 million bid for Santi Cazorla.
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Spain international Cazorla, 27, signed for Malaga from Villarreal for €19 million last summer, but the big-spending club have since been suffering financial problems including the non-payment of wages and bonuses. It was reported that Arsenal had agreed terms with the winger, who has reportedly asked to leave Malaga, and were set to tie up a €20 million deal.
Arsene Wenger later denied a move was close, but the Gunners are not the only club to have been credited with an interest in the player and, given that Malaga are currently unable to sign players, it is thought they will be looking to offload players to solve their debt issues as soon as possible.
Having qualified for the Champions League, though, Pellegrini believes the owners should not accept what he deems to be artificially low offers.
"There is an offer, they say, for Santi Cazorla," Pellegrini told a press conference. "To sell him for €20 million would be to give him away. I don't think the club intends to do that.
"I've talked a lot with [vice-president] Abdullah Ghubn and with the sheikh and this would not be representative of their mentality. It would send out the wrong signal ahead of our Champions League campaign.
"If significant offers come in for players, they will be worthy of consideration, but I don't think Santi will be leaving for €20 million."