Arsenal intend to reject any proposal of a loan-back deal to Southampton should they follow up their interest in Alex Oxlade-Chamberlain with a formal offer.
Liverpool manager Kenny Dalglish and his Manchester United counterpart Alex Ferguson have both watched Oxlade-Chamberlain in person over the past month, while Arsene Wenger is also carefully monitoring the 17-year-old winger's progress.
Southampton want to keep Oxlade-Chamberlain until the end of the season as they push for promotion out of League One, Arsenal are against the idea of buying a player and then immediately loaning him back.
The money would have to be right and suggestions of an initial £5m, followed by another £7m based on appearances would fall below Southampton's valuation of £10m up front.
But the player would fit Wenger's age-profile for signings.
"My plan is to build a core of players who identified with the club," he said.