Arsenal are not in negotiations with Porto regarding a transfer of Juan Quintero in the ongoing transfer window.
The midfielder was linked with a switch to the Emirates as he was said to have departed for London to complete his £16m move. However, the Colombian international's agent, Ricardo Calleri has splashed cold water on all speculations.
Reports suggest that Quintero has a buy-out clause of £31.7m and Calleri has insisted that Porto are not considering any offers nor will they allow the 21-year-old to leave Julen Lopetegui's side this summer.
"Porto have never talked about negotiating the sale of Juan Quintero. Of course, there are clubs interested. There is a lot of interest from clubs from Spain and England in the player. But in order for him to leave, a club has to pay his buy-out clause," Sky Sports quoted Calleri as saying.
Arsenal are in the market for a midfielder and are believed to be keen on Southampton's Morgan Schneiderlin, Real Madrid's Sami Khedira and Sporting Lisbon's William Carvalho.
However, the Saints are unwilling to sell the French international while a move for the World Cup and Champions League winner has failed to materialise. The Gunners' reported surprise bid of £24m for Carvalho was rejected last month but Sporting are thought to be ready to sell the Portuguese international to raise funds.
Meanwhile, the north London club are back in England after their 1-0 defeat in the friendly against New York Red Bulls in the USA last month. Arsene Wenger's side now play in the Emirates Cup, which begins on Saturday and concludes on Sunday.
Midfielder Aaron Ramsey is geared up for matches against Benfica and Monaco in their last pre-season tournament before the Community Shield showdown against Premier League champions Manchester City at the Wembley Stadium on 10 August.
"The Emirates Cup always brings good teams who have played at the highest level and this year it's no different. Both teams have some really good players. It's a great test for us before the season starts, even though we'll still be building up for then," the Welsh international told Arsenal's official website.
"It will be nice to get that competitive football. It's a great tournament. It gets all the fans excited because they know that the season is not too far away. It's a good couple of days and all of the players are looking forward to coming back and playing at the Emirates again."
"It's also good for younger players to get opportunities to show what they can do against these teams. It's nice for the fans to get the chance to see these young players coming through as well," the 23-year-old concluded.