Arsenal have not made a £30m bid for Leicester City winger Riyad Mahrez, according to Sky sources.
The 25-year-old Algerian, who was voted PFA Player of the Year last season, has been subject of media reports suggesting he could leave the Premier League champions this summer.
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Gunners boss Arsene Wenger admitted on Wednesday that he is still looking to strengthen his squad ahead of the new season.
However, Arsenal are yet to make a bid for Mahrez, despite conflicting reports in France suggesting the Foxes had already rejected an approach for the forward.
Mahrez scored 17 league goals during the last campaign to help Claudio Ranieri's team lift the Premier League title for the first time in the club's history.
Arsenal made an approach for Mahrez's strike partner Jamie Vardy earlier this summer but the England international elected to stay at the King Power Stadium by signing a new four-year contract in June.
The Gunners had a £30m bid for Lyon striker Alexandre Lacazette rejected in July and Arsenal are yet to return with a second offer for the France international.
Meanwhile, Wenger's immediate priority in the transfer window will be to recruit defensive cover after Gabriel was ruled out for up to eight weeks after suffering an ankle injury against Manchester City on Sunday.
Arsenal are in talks with Valencia over the possible signing of Germany international Shkodran Mustafi.
The 24-year-old, who impressed for Joachim Low's side at Euro 2016, is seen as an ideal replacement for Per Metesacker, who faces a long spell on the sidelines after injuring a knee in pre-season.