Arsenal have described claims that Real Madrid held talks with Arsene Wenger over their vacant manager's position as "completely untrue".
Real Madrid president Ramon Calderon suggested the club had spoken with Wenger after parting company with Fabio Capello.
However, the Premier League club refuted Calderon's claims that Wenger ever spoke with the Spanish champions.
A spokesperson for Arsenal told PA Sport: "It is completely untrue. Arsene Wenger has not had talks with Real Madrid and is committed to Arsenal Football Club."
Madrid are set to appoint a new coach next week following the Italian's dismissal shortly after guiding the team to the Primera Liga title.
But Calderon claimed, on the club's official website - www.realmadrid.com - that Wenger was among the managers they had spoken to about replacing Capello.
Calderon said: "Once we decided that Capello would not continue, [Madrid sporting director Predrag] Mijatovic underwent talks with Schuster, [Ronald] Koeman, [Michael] Laudrup and Wenger."
Wenger's future has been the subject of intense speculation since the departure of long-term boardroom friend David Dein and, more recently, star striker Thierry Henry to Barcelona.
But it is Schuster, who is under contract with Getafe for a further campaign but has reportedly freed himself from his current contract after Madrid reiterated they would not pay a transfer fee to sign a coach, who is in pole position.
"Schuster has told us that he has solved his situation with Getafe," said Calderon. "I am not sure if on Monday he will be at Real Madrid.
"He has always been among the three or four coaches with whom we have spoken. It appears logical that he will be the next coach.
"We would have to negotiate his contract but it shouldn't be a problem."