Hebei China Fortune have denied making a lucrative offer to Arsenal forward Alexis Sanchez, according to reports.
Sanchez will be free to negotiate an end-of-season, free transfer exit from Arsenal next month if he does not put pen to paper on an extension beforehand.
While Manchester City are considered to be among the frontrunners for the Chile international's signature, a report in The Sun at the weekend claimed Hebei were willing to pay him £400,000-a-week to move to Asia.
However, a senior official at the CSL club reportedly told the Southern Metropolis Daily: "We have never made a bid or any offer for Sanchez. The Sun's story is fake news."
The British newspaper on Monday claimed Sanchez turned down the offer in favour of reuniting with his former Barcelona boss Pep Guardiola at City.
Arsenal manager Arsene Wenger has been adamant in his stance that neither Sanchez nor Mesut Ozil, also out of contract at Emirates Stadium in June, will leave in January.
Wenger last week said negotiations were "going on with everybody" and that no ultimatum had been issued to the duo.
