Konstantinos Mitroglou has rejected interest from both Arsenal and Liverpool to agree a new deal at Olympiakos, reports the Daily Star.
The Greek scoring sensation has drawn interest from both Arsene Wenger and Brendan Rodgers this season, scoring 22 goals so far.
Gunners boss Wenger had hinted that Mitroglou was on his radar heading in to the January transfer window, saying that he "cannot neglect" the prolific forward.
Liverpool too were linked with an interest as they look to add depth to their forward line despite the fine form of Daniel Sturridge and Luis Suarez.
But Mitroglou has shunned interest and has committed himself to Olympiakos until the summer of 2016, choosing to focus on their round of 16 tie against Manchester United in the Champions League.
£7m was believed to be enough to trigger a release clause for Mitroglou, but it is beleived that no such clause exists in his new deal.
Although David Moyes is favourite to guide the Red Devils through to the quarter finals, Mitroglou stands as a major threat the a United defence that has proved permeable at times this season.
The news comes as a blow to Arsenal in particular, who remain reliant on Olivier Giroud to lead from the front.
Although starting off the season well, Giroud has not scored in five appearances but remains Wenger's number one choice due to a lack of options.