Reports suggested that Arsenal is prepared to meet the forward's £33 million release clause.
Boca Juniors president Daniel Angelici has claimed that there has been no offer from Arsenal for star forward Cristian Pavon. However, he did concede the possibility that the player could leave the club.
Pavon joined Boca Juniors from Talleres de Cordoba in 2014 and has since made 51 appearances for the club, scoring 14 times. The 21-year-old has also had two international caps for Argentina, both coming in 2017.
While, club president Angelici revealed that there had been no offers from anyone for the young Argentinian star, he also admitted that if the player's release clause is met, the final decision will be down to Pavon.
As quoted by Goal, he said: "For the moment, we have not received any proposal, formally or informally. For now, they are all rumours, as always, just comments in the corridors. But I know very well what I said to Cristian when we renewed his contract. I am not going to cut off his career, but we made him a nice contract so that he would be comfortable.
"We put a release clause in the contract just in case clubs like this appear. It's then the player who has the last word. He looks fine to me, very focused on 2018 with Boca Juniors. We always help him with his future, but I trust Pavon will be with us for 2018."
Pavon has been suggested as a potential replacement at Arsenal for Alexis Sanchez with the Chilean strongly linked to move to Manchester City during the January transfer window.