Tottenham Hotspur were the only club to submit an offer for Brazilian playmaker Bernard but decided to withdraw their bid, according to Atletico Miniero president Alexandre Kalil.
Arsenal were strongly linked with a move for the 20 year old midfielder and despite Mineiro admitting they were aware of interest from the north London club, there has yet to be an official offer.
Bernard came to the attention of a number of European clubs earlier this summer as part of the Brazil side that won the Confederations Cup, before starring for his club side as they recovered from a 2-0 deficit in the first leg to defeat Olimpia and win the Copa Libertadores.
The highly-rated midfielder has admitted that he is likely to make the move to Europe but it seems the only offer currently on the table is from Ukrainian giants Shakhtar Donetsk.
"Tottenham made an offer of €18 million (£15.7m) for Bernard but they withdrew," Kalil told Radio Itatiaia Atletico. "Arsenal told us that they would bid but never did so. So what we have now is a €25m (£21.8m) bid from Shakhtar."
However, there is a belief that Bernard could turn down a move to Shakhtar, which could present either Arsenal or Tottenham with a chance to bid for the midfielder.
"If he does not want to go to Ukraine, that's no problem. It's in his hands. I have talked with him. It's a private matter. If he does not want to go, we will not force him," added the Mineiro president.
Despite Tottenham withdrawing their offer, they may well renew their interest if Gareth Bale is sold to Real Madrid. Andre Villas-Boas would certainly need more attacking options and would likely have more than £85m with which to find further reinforcements.
Meanwhile it would seem unlikely that Arsenal will rekindle their interest in Bernard as manager Arsene Wenger has now claimed that his current squad is strong enough to compete for major honours despite 20 year old striker Yaya Sanogo being the only addition this summer.