Real Madrid general director Jorge Valdano has dismissed reports that Arsenal have made a bid for Klaas-Jan Huntelaar.
Arsenal have been linked with a move for the Dutch striker as a potential replacement for Manchester City target Emmanuel Adebayor.
North London rivals Tottenham are also reported admirers of Huntelaar, who is set to leave Real just six months after his arrival from Ajax.
Stuttgart have had an offer accepted by Real, but Huntelaar is rumoured to be stalling on a move to the German club as he awaits any further interest.
However, Valdano has confirmed that Stuttgart remain the only club to have made a concrete offer which is acceptable to Real.
"Only one formal offer exists and that is Stuttgart's," stated Valdano to the Spanish media.
Meanwhile, Stuttgart coach Markus Babbel says he is happy to wait for Huntelaar to make a decision regarding a move to the Bundesliga.
Babbel said: "The important thing is that I know that we are working on a transfer, and not only that of Huntelaar, but also alternatives.
"He is a player that we really like, now it is down to him. But whether that is tomorrow or next week, that's not so important."
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