Napoli president Aurelio De Laurentiis says striker Gonzalo Higuain will only leave the club if his release clause is met and the player decides to leave the club.
De Laurentiis has confirmed that Juventus are interested in signing the player but are not ready to meet the club's demand of £78.5million.
But he mentioned nothing about a possible offer to be made by Arsenal to sign the Argentinean.
He said: "Juventus confirmed this morning that they don't want to meet his release clause and we never asked them to do it.
"He [the player] has a five-year contract and three have passed.
"The clause in his contract says that if a club approaches us with €97.7million, Mr. Higuain, if he decides to do so, can say 'I want to leave' and at this stage Napoli has to fulfill this request.
"So far no club approached us to say, 'Here is my offer' and Higuain never told me, 'Dear De Laurentiis and dear Napoli, Juventus made an offer, or Bayern made an offer, or Real Madrid made an offer, or PSG made an offer, and I want to leave.'
"All this rubbish is hurting our fans, I receive messages from desperate individuals asking me for news but I'm not selling anything."
On Wednesday, journalist Raffaele Auriemma added: "I spoke with [agent] Nicolas Higuain, he never said personal terms have been agreed with Juventus, he actually denied this.
"He wanted to make it clear that if [president] De Laurentiis fails to build a winning team when his contract expires [next year], then he will leave.
"At the moment Napoli is yet to sign players who will convince Higuain."
Napoli will not accept any offer that is not of £78.5million. If Arsenal or Juventus make an offer made of cash and players, the Partenopei will refuse it because they don't want to sell the striker.