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 Li Yonghong 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.