Malaga coach Manuel Pellegrini doubts if a bid of 20million euros would be enough to prise playmaker Santi Cazorla away from the Andalusian club.
Arsenal have been heavily linked with a move for the Spain international with media speculation suggesting a fee of 20million euros (£16million) could close the deal.
However, Pellegrini believes the 27-year-old, who cost Malaga a reported club-record 20million euros when he joined on a five-year deal from Villarreal last summer, is worth more than that.
"Selling him for 20million is to gift him away, I don't think the club is in a position to do that or has the intention to do it," Pellegrini was quoted as saying at a press conference in Venezuela where Malaga are on a pre-season tour.
"If important offers come in for players they are always worthy of consideration, but I don't think that for 20million Santi is going to leave the club because it would be, as I said, a gift."