Wolves manager Bruno Lage insists the club have not received communication from Arsenal over a move for Pedro Neto.
Mikel Arteta is still keen to sign a winger this summer despite splashing out over £100m on the likes of Fabio Vieira, Gabriel Jesus, Marquinhos and Oleksandr Zinchenko, having missed out on Raphinha.
Still, Wolves are in a strong position, with Neto signing a five-year contract in March.
As a result, there are fears behind the scenes at Arsenal they will be priced out of a move.
Wolves could demand as much as £50m for the 22-year-old, who has previously revealed he grew up an Arsenal fan.
With just over a week to go in the window, it would almost certainly take a huge offer for the club to consider selling such a key player, particularly after a difficult start to the season.
Speaking after Wolves’ win over Preston in the Carabao Cup on Tuesday night, Lage said: “I have heard that [of Arsenal’s interest] but nothing has come to us.
“It’s normal now, with the good players that we have.
“Teams are looking for good players in the same way we are looking for (Goncalo) Guedes, Matheus (Nunes), (Nathan) Collins. No one told me anything about any proposal.”
