Premier League giants Manchester United and Arsenal have been dealt another transfer blow after Real Madrid playmaker Mesut Ozil claimed he has no intention to leave the Spanish capital this summer.

Ozil's place at Real Madrid has been threatened by the arrival of former Malaga star Isco while the Spanish giants are also reportedly on the brink of breaking their own world transfer record for the signing of Tottenham striker Gareth Bale.

Ozil was widely expected to leave the Bernabeu this summer with Manchester United and Arsenal lined up as possible destinations for the Germany international.

However, the 24-year-old confirmed that he has no plans to quit the club and claimed he is happy at Los Blancos.

"I feel really good at Madrid. I have a contract here until 2016. It is an honour to play with this team. I’m staying with Real Madrid," he told reporters at a sponsorship event. 

"For me, it’s an honour to play here. I’m flattered that other teams are interested in me but my decision is firm: I’m staying here."

Premier League champions Manchester United were believed to be prepared to submit a club record transfer fee for Ozil. 

Meanwhile, Gunners boss Arsene Wenger was keen to land the former Wolfsburg star to bolster his squad for a top-four finish this season.

Both the English giants are yet to make a major signing this summer and were ready to splash cash to sign the Real Madrid playmaker.

Manchester United have failed with two bids for Barcelona midfielder Cesc Fabregas, while Arsenal are reportedly still in the chase to sign Ozil's Real Madrid teammates Angel di Maria and striker Karim Benzema.

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