Malaga have rejected a £15.6 million bid from an unnamed club for Arsenal target Santi Cazorla.
The Spain midfielder has been tipped to leave the La Liga outfit this summer, amid reports of financial difficulties within the club.
Arsenal are thought to be in pole position to sign the 27-year-old should he be made available by the Spanish side.
Head coach Manuel Pellegrini has admitted Malaga have received an offer for Cazorla, but that it falls below the £20 million valuation of him.
"There are always offers made for certain players, when it comes to team restructuring," Pellegrini told the club's official website.
"At the moment, we've been offered 20 million euros for Santi Cazorla; selling him for this amount of money is practically giving him away.
"I don't think the club has any intention of doing so; I’ve spoken to Abdullah Ghubn and the Sheikh a lot about this, and they’re not thinking about it.
"I believe it would belittle our intention to play in the Champions League, obviously getting offers for players is always worth considering, but Santi leaving here for 20 million wouldn’t look good to other teams."
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