Honorary Gers chairman David Murray is fuming at reports the young midfielder has concurred on terms to join Atletico when the two clubs have yet to agree a fee.
Atletico have baulked at paying more than £4 million for the 21-year-old but Rangers will not permit Arteta to leave for less than the £6 million they forked out 12 months ago.
Arteta was believed to be in his homeland on Tuesday to discuss personal terms with Atletico and sources in Spain suggest the midfield ace has agreed to sign for the Madrid outfit.
But while The Gers are happy to consent to Arteta's request to return to Spain, they are adamant they will not be lowering their asking price.
Murray admits the Scottish champions are bitterly upset at the chain of events which have precipitated Arteta's impending departure and feels the Ibrox giants have been 'set up'.
"We never asked for him to go and the truth is I think we have been set up here," said Murray.
"He came to us and said he was homesick. His agent came in the day after the cup final and told us the boy wants to go home so Alex (McLeish) said he wouldn't stand in his way.
"But the fact of the matter is we haven't received any offer and we will not take any less than the £6 million we paid.
"Why would we accept £4 million? That would not be worth our while."
