Cristian Pavon’s agent has revealed Arsenal have yet to submit a bid for the Argentina winger.
The Gunners have been linked with the Boca juniors star and reports in Spain recently suggested that they had a £26.5million bid turned down in January.
Pavon was recently competing at the World Cup with Argentina until they were knocked out by France in the round of last-16.
The 22-year-old scored six goals and produced 11 assists in 26 Primera Division appearances last season.
Amid the speculation, Pavon’s agent, Fernando Hidalgo, spoke out.
"There is still nothing official from Arsenal," he told Radio La Red."
"Pavon informed Boca’s hierarchy about his desire to stay and play in the Copa Libertadores."
In January, Boca president Daniel Angelici revealed Pavon had a buy-out clause for when big clubs come calling.
"We put a release clause in the contract just in case clubs like this appear," he said. "It’s then the player who has the last word."
Arsenal have already completed the signings of Stephan Lichtsteiner, Bernd Leno and Sokratis Papastathopoulos this summer.
Unai Emery’s side are also close to completing the signing of Lucas Torreira.
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