Arsenal chairman Peter Hill-Wood has reiterated that the Gunners will not be forced into selling Robin van Persie for anything less than what they consider the player's rightful value.
Speculation has mounted about the future of the Dutchman since he announced that he had no intention of signing a new deal at the Emirates. Van Persie's current contract has just a year left to run.
Manchester United, Juventus and Manchester City have registered their interest in the player, with all three having bids of around £10 million rejected, according to the Daily Telegraph. Arsenal are believed to be looking to recoup around £25 million, even though they could risk losing Van Persie for nothing next summer.
"He is a world class player and we do not want to give him away," said Hill-Wood, according to Sky Sports. "If he is determined to leave then that is up to him, but giving him away is not on our agenda.
"To be honest I do not understand him at all. I understood Cesc Fabregas wanting to go home to Barcelona last summer. I had sympathy with that.
"But I thought Robin was happy at Arsenal, especially after the season that he had with us."
The Daily Star suggested on Thursday that Arsenal could make a stand by keeping Van Persie until the January transfer window. This appears an unlikely scenario, however, given that the Gunners would not be able to command anything like the fee in January that they could potentially secure before the August transfer deadline.
Given their financial muscle, Manchester City would appear to be the most likely to match Arsenal's demands. However, City boss Roberto Mancini has hinted at his frustration at the club's hierarchy to get deals done this summer.
Arsenal will meet City in a pre-season friendly in Beijing on Friday.
As if the uncertainty over their captain wasn't sufficient unrest for the Gunners this summer, the club faces a similar scenario with winger Theo Walcott. Having allowed the England international's contract to enter its final year, the club will sit down for negotiations with Walcott's representatives next week, according to the Daily Mirror.
The Mirror reports that Walcott is happy to stay but wants a significant increase on his £70,000-a-week wages. With Liverpool and Chelsea both said to be interested in the 23-year-old, Arsenal may be tempted to cash-in on a player who has yet to fulfill the potential that prompted Arsene Wenger to sign him from Southampton back in 2006.
Wenger could well use the proceeds from the sale of Walcott toward the signing of versatile Spanish midfielder Santi Cazorla. It has been widely reported that Arsenal have already agreed personal terms with the Spanish international who is eager for a move away from financially unsettled La Liga outfit Malaga.
Fellow Spaniard Mikel Arteta has said that Cazorla would be a quality addition to Arsenal's ranks.
"I cannot talk about the actual situation but I can say that I know him as a player really well," he said, according to the Daily Mail. "He's a top, top player. He has got unbelievable quality and talent and that is all I can say."
Speaking on Arsenal's tour of Asia, Wenger concurred with his midfielder and said that more signings would be forthcoming.
"I share the opinion of Mikel Arteta," he said. "Cazorla is a great player.
"We bought Olivier Giroud and Lukas Podolski but we are not at the end of the transfers. We will still bring players in."
The Gunners could also be set for an exciting arrival in the January transfer window. Arsenal legend Thierry Henry has said that he would be open to return to the club on-loan from the New York Red Bulls during Major League Soccer's off-season. The French forward made a similar move last season.
"I would like to go back to England with Arsenal for sure," Henry commented, according to Sky Sports.
"I wasn't planning to go back to play last season," he revealed, according to Sky Sports. "It was only because Gervinho and [Marouane] Chamakh went to the African Nations Cup.
"I was there to train and they asked me if I wanted to play. Who knows what might happen in the future?
"I've not yet spoken to Arsene about it so I don't know what capacity I could go back in.
"Coaching does interest me but I don't know what my talent is going to be after I have finished my career. But I will go back to Arsenal."