The north London rivals could go head-to-head for the two highly-rated 17-year-olds as the Croatian club's controversial official insists their futures are still to be finalised
Reports emerging from Croatia on Sunday night suggested that Spurs had wrapped up a £17 million deal for the two 17-year-olds, who are considered to be among the brightest prospects in European football.
But Mamic explained that talks with Spurs have yet to be finalised, and also admitted that the Gunners are in the frame.
"Negotiations with Spurs are in progress - the deal is not yet done," he told reporters. "We are negotiating with Tottenham. We hope and believe the transfer of those two to Spurs will happen, but it's not yet done.
"There are a lot of things that are open. None of our players have seen a single Tottenham representative.
"The Croatian public will be informed when the job is done. We cannot talk hypothetically. Countless times the media have ruined a deal or made it much more expensive [by reporting it prematurely]."
When asked by a reporter if Arsenal were one of the teams involved in negotiations, Mamic simply replied: "Yes".
The director went on to insist that he wants the best possible outcome for the two teenagers, who could be loaned back to Dinamo as part of any agreement, and that he is proud of the club's dealings.
"What Dinamo are doing these days cannot be taught in any school or college," he continued. "You can't learn it from any book or magazine.
"We have an opportunity to make big transfers for two 17-year-olds, which is a rarity in the whole history of mankind."
However, Dinamo president Mirko Barisic had claimed earlier on Monday that a deal was in place to sell the youngsters, though he would not confirm which club had been successful.