Swansea City chairman Huw Jenkins has revealed that the club has received no bids for Michu or Ashley Williams.
The pair are understood to be on the radar of Arsenal as the Gunners look to boost their squad before the end of the transfer window.
"Nothing has changed," Jenkins is quoted as saying by Goal.com. "There has been no contact, as far as our football club is concerned, in connection with anybody and we wouldn't welcome any bids.
"The overriding point from our football club is that we are not looking to sell any of our players and they are not up for sale."
Swansea are back in Premier League action on Saturday when they meet Tottenham Hotspur at White Hart Lane.