Arsenal's majority shareholder Stan Kroenke has reportedly decided to turn down an alleged $1.3bn (£1bn) offer from fellow shareholder Alisher Usmanov.
On Friday, it was claimed that the Russian oligarch - worth an estimated £11bn - had made the bid to take full control of the Gunners, with Kroenke currently owning a 67% share.
However, according to Sky Sports News, Kroenke has no intention of selling up at the Emirates Stadium and is said to be intent on remaining at the club on a long-term basis.
Usmanov's interest in acquiring a larger share at the North London outfit is no secret as he currently plays no part in the decision-making at the club.
American entrepreneur Kroenke has been involved with Arsenal for the past decade, with the 69-year-old taking his stake in the club from 12% to 67% during that time.