Reports of a €40million agreement between Gremio and Barcelona for midfielder Arthur are wide of the mark, according to the Brazilian club's president Romildo Bolzan.
Barcelona's interest in the 21-year-old midfielder is long-standing, having been linked with him regularly towards the end of 2017, when Arthur was a key part of the Gremio side which won the Copa Libertadores.
Arthur was photographed wearing the Catalan club's jersey in a meeting with their sporting director Robert Fernandez in December.
Although that angered Gremio, they have been in regular dialogue with Barca ever since over a potential move, with reports in Spain claiming on Tuesday that an agreement had finally been made.
But Gremio insists such claims are purely speculation, with a deal still to be struck.
Speaking to Radio Bandeirantes, Bolzan said: "A deal has still not been finalised.
"There have been plenty of discussions, but at this stage the transfer cannot be considered a foregone conclusion."