Arsenal chairman Peter Hill-Wood claims selling want-away-midfielder Patrick Vieira to Manchester United is "out of the question".
The French international, who has three years left on his contract, has demanded a transfer away from Highbury - and the right to chose his next club.
But while the Gunners are disappointed the World Cup winner has decided his future lies elsewhere, they are determined not to let him join their biggest rivals for the Premiership title.
"It will be a very difficult fight to keep Patrick and no-one should be under any illusion, we will do everything we can to keep him," Hill-Wood told The Sun.
"Sadly from the comments coming form him and his agent, he seems determined to leave - but he will not dictate to us who we do business with.
"Selling one of our best players to our closest rivals would not make any sense. We have not agreed to sell him and, anyway, Manchester United is out of the question."
Vieira has revealed he does not want to return to Italy and his former Highbury team-mate Emmanuel Petit has urged the 25-year-old against a switch to Spanish giants Barcelona.
Meanwhile Manchester United will continue to miss out on the best players in the transfer market for the next few seasons, according to a leading football analyst.
The cautious policy of the United board in their transfer dealings has cost them dear so far this summer. They lost out to Juventus in the race for Lilian Thuram because the Reds would not meet Parma's £22 million asking price, while they know they have no chance of competing with Real Madrid for Zinedine Zidane.
The Premier League champions are also hamstrung by their unwillingness to break their wages ceiling.
Football analyst William Davies, of stockbrokers Capel-Cure Sharp, claims even though United are the biggest and richest club in the world, they do not have the financial muscle of the likes of Real.
Real are 10's of millions of pounds in debt, but can buy whoever they want because of backing from wealthy benefactors and local and national government in Spain.
"United are the most commercially successful club in that they generate more of their own revenue than anyone else," said Davies. "However their main source of capital as a plc is the city and there is a price to pay for that; in the words of dear old Gordon Brown - probity and prudence.
"With Real Madrid they receive help from local and national government because they feel it is important for Spain that the club does well. They also have wealthy individuals willing to bung in a million or two whenever it's needed.
"Also in Spain and Italy the leagues do not sell their TV rights as one and the top clubs have broken away to sell their rights individually. This can be worth as much as £50million per season, while United are tied into the collective agreement with the Premier League.
"So this is undoubtedly a concern for United. In the past they did not need as many signings because they had their remarkable array of youth talent. That appears to be drying up and there is a concern that United are being left behind in the transfer market."
Davies, though, can see hope for United and he feels in four or five years' time they will be able to compete on the same level as the likes of Real.
"I think it will improve for United and TV revenue will improve," he said. "Pay-per-view could come in and the clubs may break away and negotiate their own TV deals, but the next big thing will be the sale of TV rights over the internet which is about five years away.
"There must also be a limit to the number of individuals who have £20 million or £30 million to give to Real Madrid so it's got to level out."
Galatasaray have agreed with Marseille to swap Brazilian striker Mario Jardel for midfielder Jerome Leroy and defender Sebastien Perez, the Turkish club said yesterday. "We have agreed in principle," said Marseille coach Tomislav Ivic said the club wanted to sign Jardel, who scored six goals for Galatasaray in last season's Champions League.