Bayern Munich have ruled out selling forward Mario Mandzukic, with Arsenal said to be amongst his suitors.
The Croatian is likely to face increased competition from incoming Borussia Dortmund striker Robert Lewandowski, who will become a Bayern player in the summer.
That has sparked rumours that Mandzukic could be looking for a new club this summer, with Arsenal said to be interested.
Gunners boss Arsene Wenger hinted yesterday that he could be eyeing up a move for the big forward.
"Lewandowski is at Dortmund until the end of the season and they (Bayern) will not sell Mandzukic now - maybe at the end of the season," he said.
Arsenal are in need of a new forward but it is unlikely to be Mandzukic, who has a future in Germany, according to Bayern Munich sporting director Matthias Sammer.
"Mario remains a key player for us. However, he has to accept - like the rest of the squad - that there will always be stiff competition for places," he was quoted as saying by Bild.
"Bayern cannot afford to get complacent and sit back, relax and be satisfied with our current squad.
"We cannot just wait until things eventually fall apart and then be forced to panic-buy.
"Our transfer policy is stable and sustainable. Why would it be a bad thing if we sign players from other Bundesliga clubs? People could also show us some respect and acknowledge that we are doing our job."
Arsenal have been hit by a series of injuries in recent weeks, and look particularly short in attack.
Lead striker Olivier Giroud is on his way back from an illness, while Nicklas Bendtner is out for a month with an ankle injury.
Winger Theo Walcott was deployed in attack in Arsenal's 2-0 FA Cup win over Tottenham on Saturday, but has now been ruled out for the remainder of the campaign with a knee injury.
The Gunners may well still make a move for the Croatian international at the end of the season, but according to his agent he is unlikely to leave the Allianz Arena.
"Mandzukic is focusing on Bayern Munich and after the end of this season, he still has two years on his contract and he is happy in Munich," Ivan Cvjetkovic told Tuttosport.
"(Bayern coach Pep) Guardiola rates Mandzukic a lot and he's shown that over the first half of the season.
"Mandzukic wants to defend the Champions League title."