Borussia Monchengladbach sporting director Max Eberl has denied speculation Arsenal have made an offer for Granit Xhaka.
Sky Sports News HQ reported Arsenal's interest in Xhaka in March, and on Wednesday German media claimed the Premier League club were close to signing the Switzerland international after tabling an offer.
Speaking to Kicker, Eberl confirmed Borussia face a fight to keep the midfielder but said his club are yet to receive a bid.
"There is no official offer," Eberl said. "But Granit Xhaka is an issue. It's clear he has generated interest at other clubs.
"We have to wait and see what happens."
Liverpool have also been linked with Xhaka, who said in February it remains his "dream" to play in the Premier League.
He is set to depart for Euro 2016 with Switzerland at the end of the Bundesliga season and has admitted he would like his future sorted sooner rather than later.
"It would be good if I knew where my future lies in the new season before the Euros," Xhaka said.
"It's not all that helpful if you have to think about stuff like that during the tournament. I would be pleased if it were to be decided before, but it wouldn't be a problem if it's after."