Arsenal have told the Daily Mirror that there is no truth in speculation that Santi Cazorla could be on his way to Atletico Madrid.
Onda Cero and Radio Marca have claimed that Atletico have agreed personal terms with Spain international Cazorla, who only joined the Gunners from Malaga last summer but would reportedly be open to a return to his homeland.
Atletico president Miguel Angel Gil Marin is said to be in London to negotiate a transfer fee with Arsenal.
However, Arsenal have indicated that they would have no interest in selling the 28-year-old and are seeking only to enhance their squad this summer.
Later on Wednesday, Atletico Madrid president Enrique Cerezo described newspaper reports linking his club with a move for Cazorla as "invented".
Cerezo, told Marca.com: "We have no news of Cazorla. These are invented stories that are made up every day.''