Torino have rejected a £56m offer from Arsenal for striker Andrea Belotti, according to the Serie A club's sporting director Gianluca Petrachi.
Petrachi also added that Torino have no intention of selling the Italy international, who has scored 17 goals in 21 matches for club and country this season.
Sources at Arsenal however told Sky Sports News HQ that no bid has been made.
The 23-year-old, capped five times by Italy, joined Torino from Palermo in August 2015 and is currently contracted in Turin until 2021.
When asked about a bid from Arsenal, Petrachi told Sky in Italy: "We received and refused a €65m (£56m) offer from Arsenal for Andrea Belotti, but it does not reflect the value of the player.
"Anyway, he is going nowhere for now. We want to enjoy him, then we'll see what happens.
"We intend to keep Belotti and president Urbano Cairo signed this important buy-out clause. I think he's worth more than they have offered."
Arsenal manager Arsene Wenger has refused to be drawn on any potential arrivals at the Emirates during the January transfer window in recent weeks and was boosted by the return of long-term absentee Danny Welbeck on Saturday.
The England forward, who suffered a cruciate knee ligament injury away at Manchester City in April, played the final seven minutes at Deepdale as Arsenal secured a 2-1 victory over Preston North End in the FA Cup third round.
Wenger has deployed Alexis Sanchez in central forward role this season, with the Chile forward netting 15 goals in 26 matches for the Gunners.