Arsenal say chief executive Ivan Gazidis is "working hard" and has "always been fully committed", amid reports linking him with AC Milan.
Gazidis, 53, joined the Premier League club in 2008 and was a key figure in appointing new manager Unai Emery.
Reports of Gazidis' departure emerged in the Italian media this week.
"We know he receives many offers and has never accepted any of these opportunities," said Arsenal chairman Sir Chips Keswick.
"He has always been fully committed to taking Arsenal forward."
AC Milan were recently taken over by hedge fund Elliot Management, after former owner Yonghong Li failed to repay a debt to the American company.
Paolo Scaroni, who was deputy chairman of investment bank Rothschild, is the club's interim CEO but Gazidis is reported to be closely connected to Paul Singer, who runs Elliot Management.
corruption
52
He is not going. Stop worrying lmao. Arsenal is renowned as far as their corporate reputation goes. I will eat my shorts if he leaves
princesss
35
Doesn't sound great. Surely if he was staying, the statement should be from Gazidis. You could basically translate this statement into 'He has never taken any of the other offers and he doesn't talk about them'. Not exactly confidence inspiring. Also feels very short or rushed for a club statement on the matter. Really doesn't put anything to bed.