Arsenal manager Arsene Wenger has denied reports which suggest the Gunners are on the verge of signing Rennes midfielder Yann M'Vila.
Arsenal were thought to be in pole position to sign the highly-rated French international, and a £17.7m fee had reportedly been agreed.
However, the Gunners boss has rejected these reports, claiming that he is nowhere near clinching a deal for any new players.
According to talkSPORT, Wenger said: "It's not true a deal is done for M'Vila. We have not been in touch with anybody and we are not near to any deals for anybody."
The Emirates side have already confirmed the signing of Lukas Podolski from Cologne, but it seems like Wenger will not be announcing any purchases in the near future. The Gunners have also been linked with Ajax captain Jan Vertonghen and Wigan winger Victor Moses in recent weeks.
M'Vila is one of Ligue 1's top prospects and the 21-year-old defensive midfielder has been linked with a number of Europe's top clubs. The Frenchman already has 18 caps for his country and is expected to be named in France's preliminary squad for Euro 2012.