American-born Stan Kroenke and Uzbeki born Alisher Usmanov are the club's major shareholders, and Peter Hill-Wood insists he doubts whether either could be tempted into selling their stake.
Reports had claimed a Middle Eastern consortium of interests were preparing a £1.5billion takeover of the north London club, and pledging to hand Arsene Wenger a huge transfer kitty if successful.
But Hill-Wood has cooled the takeover talk, admitting that he knows nothing about the supposed plans.
Hill-Wood said: "I have heard nothing and I don't think anybody knows anything about it at the club. It all seems a bit of a waste of time.
"If there is this consortium, they can't make any progress unless they attempt to get in touch.
"So I can't say if there is anything to it or not. But even if they did make an approach, my understanding is our two major shareholders do want to sell."
The rumours of a takeover first surfaced last weekend before the north London derby - a game the Gunners lost to Spurs 2-1 - but the reports have since been played down by several sources within the club.
The relationship between Kroenke and Usmanov is not thought to be the strongest - the Uzbeki-born Russian businessman issued a public letter last year requesting greater access to the club, and promising to fund the signing of a big-name player.