Wolves boss Bruno Lage has denied the club have received an offer from Arsenal for Pedro Neto.
The Gunners are being heavily linked with the Portuguese winger.
Asked about Arsenal's interest in Pedro Neto, Lage told reporters: "I don't know. I heard about that, but nothing has come to us.
"It's normal, especially with the good players we have, that the good teams are looking for players in the same way that we are looking for players like Guedes, Matheus and Collins.
"The other teams are looking for players like we have, but no-one told me nothing about any proposals, so I cannot confirm nothing."