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Arsenal chairman Peter Hill-Wood admits he is 'concerned' the club's shareholders could receive an offer from investors that is too good to refuse.
It was announced on Monday that the Gunners' Premier League rivals Manchester City had struck an agreement with Abu Dhabi United Group for Development and Investment (ADUG).
Arsenal, though, agreed an extended revision of the lock-down agreement over any potential sale of their shares last October, safeguarding against the possibility of a takeover.
But while Hill-Wood is keen to retain the club's current structure, he concedes shareholders would be forced to consider a potentially lavish bid from foreign investors in the future.
He said in the Sunday Mirror: "If somebody came and made a really huge bid then you cannot recommend shareholders turn it down because we don't like it.
"We want the club to stay in its current ownership and, of course, you have some concern that someone will try to buy the club.
"The directors don't want to sell but we are a public company. It depends on the price."
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Arsenal manager Arsene Wenger has reiterated his desire to keep Theo Walcott at the club.
Manchester United manager Sir Alex Ferguson insists Nani will not be sold during the January transfer window.