Borussia Monchengladbach have confirmed they have received an offer for Arsenal target Granit Xhaka but said there is no agreement in place.
Sources told ESPN FC last month that Arsenal were confident of signing Xhaka, 23, and reports in England and Germany last week said a deal was close.
Gladbach sporting director Max Eberl subsequently told kicker that they had yet to receive a bid for the Switzerland midfielder, but he confirmed on the club's official website on Tuesday that an offer has now arrived.
He added that they have yet to reach an agreement and declined to name the bidding club.
Xhaka, who has said he wants to resolve his future before Euro 2016, has already told the media he has wanted to play in the Premier League since he was a child.