Arsenal chairman Sir Chips Keswick has released a statement firmly denying suggestions that the club's chief executive Ivan Gazidis has accepted an offer from AC Milan.
The 53-year-old had reportedly decided to leave Arsenal in September to become Milan's executive director, but the Gunners have strongly denied that is the case.
"We are aware of the speculation surrounding our chief executive Ivan Gazidis. We know he receives many offers from organisations inside and outside the game as he's a hugely respected figure," read the statement from Keswick on the club's official website.
"He has never accepted any of these opportunities and has never spoken about them publicly. He has always been fully committed to taking Arsenal forward and is currently working hard in Singapore with our new head coach Unai Emery as we prepare for the new season."
Arsenal will continue their preparations for the 2018-19 campaign with a friendly against Atletico Madrid on Thursday afternoon.