Arsenal have not offered forward Pierre-Emerick Aubameyang a new deal, contrary to reports that a contract extension had been tabled.
The Gabon international is the club's record signing, having joined from Borussia Dortmund for £56m in 2017.
However, Aubameyang's deal expires in 2021, leaving this summer as the potential final opportunity for the club to cash in on the player.
French news outlet L'Equipe [via the Daily Mail], had reported earlier on Monday that Arsenal had offered Aubameyang a new deal in order to tie down last season's top scorer and fend off interest from the likes of PSG.
However, according to ESPN journalist Julien Laurens, Arsenal have not offered the 30-year-old a new contract.
90min revealed in April that Arsenal had no plans to offer Aubameyang a fresh deal, and were prepared to cash in on him in the summer in order to avoid him leaving on a free - as Aaron Ramsey did last summer, moving to Juventus at the end of his contract.
The Gunners captain was expected to seek a pay rise as part of a new deal, but with the ongoing financial uncertainty as a result of the coronavirus outbreak, offering bumper new contracts is not something the club are prepared to do.
Arsenal have already begun compensating for the financial impact of coronavirus, with staff and players agreeing to take a 12.5% wage deduction in April.
Aubameyang has more than lived up to his price tag since arriving in north London, hitting 61 goals in just 97 games for the club over the last two and a half seasons.
His 22 goals in the Premier League last season saw him tie for the Golden Boot, alongside Mo Salah and Sadio Mané.
Paris Saint-Germain have reportedly been keeping tabs on the forward, as have Chelsea and Inter. All of those clubs should be able to offer Aubameyang Champions League football, which he has so far been starved of since his move to the Gunners.