American Stan Kroenke and Uzbek-born Russian businessman Alisher Usmanov are the major shareholders in the Gunners and Hill-Wood does not expect either to be keen to sell their interest.
Questioned on rumours of a supposed £1.5billion takeover, the chairman denied any knowledge of an approach.
Hill-Wood said: "I have heard nothing and I don't think anybody knows anything about it at the club.
"It all seems a bit of a waste of time.
"If there is this consortium, they can't make any progress unless they attempt to get in touch.
"So I can't say if there is anything to it or not.
"But even if they did make an approach, my understanding is our two major shareholders do not want to sell."
Premier League Top 4 Finish 12/13 Top 4 Finish: Arsenal 4/11
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