Bolton boss Owen Coyle says the club have not received a concrete offer from Arsenal for defender Gary Cahill, despite Arsene Wenger's rumoured interest in the England centre-back.
Wenger is known to be in the market for a defender, having been highly critical of his side's backline during the Gunners' implosion at the end of last season - and Cahill, who reportedly has a £17 million release fee in his contract, is at the top of his shopping list.
The Gunners boss said at the weekend he was "very active on the phone", leading to speculation he had fired off a series of bids - but there was no offer for Cahill, according to Coyle.
"Gary has been the subject of speculation every day, probably to the point he is frustrated by it," he said. "I have been very open. Some of the elite clubs in this country have noted their interest. But there has been nothing concrete. Until that changes, Gary is a Bolton player."
Arsenal will be in dire need of defensive reinforcements if, as expected, Gael Clichy completes a move to Manchester City this week. The France international is in Manchester for a medical ahead of a £7 million move to Eastlands.
Meanwhile, Bolton midfielder Ricardo Gardner has signed a new one-year contract with the club to extend his stay at the Trotters into a 13th season.