Bayern Munich chief executive Karl-Heinz Rummenigge has insisted that the club have not agreed a deal with Schalke to sign Julian Draxler.
The 20-year-old was heavily linked with Arsenal in the January transfer window but any possible transfer failed to materialise, which resulted in suggestions that Munich had become favourites to land the German international.
"Such rumours are ridiculous, absolutely nonsense," Rummenigge told members of the press.
"Every day a news item comes out and I can only laugh about it. We also talked about it with Schalke, and we agree on this. I just can't explain how these rumours come out. Maybe somebody doesn't sleep well at night."
Schalke's sporting director Horst Heldt recently suggested that Arsenal did not meet the club's valuation of Draxler.
