Arsenal chairman Peter Hill-Wood has denied any knowledge of a potential £1.5 billion takeover of the club by a Middle East consortium.
The Gunners' current major shareholders are Stan Kroenke and Alisher Usmanov, and reports have already indicated the pair are unlikely to sell.
When asked about the takeover speculation, Hill-Wood claimed no knowledge of an approach, insisting any such offer would be turned down by Kroenke and Usmanov.
"I have heard nothing and I don't think anybody knows anything about it at the club," Hill-Wood said. "It all seems a bit of a waste of time.
"If there is this consortium, they can't make any progress unless they attempt to get in touch. So I can't say if there is anything to it or not.
"But even if they did make an approach, my understanding is our two major shareholders do not want to sell."
It is said that the deal, which would reportedly wipe out the club's £250 million debt, would be dependent on Arsenal qualifying for next season's Champions League. The Gunners currently sit in fifth position, five points adrift of fourth-placed Chelsea.