Patrick Vieira's agent is believed to have spent most of Wednesday in talks with Real Madrid as the saga over his possible transfer nears an end.
But Steve Kutner refused to confirm any details despite reports in two Spanish papers that a fee of £22.1m had been agreed between the two clubs.
"I cannot say anything more - I am in all-day meetings and do not know when they will finish," said Kutner.
Arsene Wenger has asked Vieira to resolve his future before the weekend.
But the media reports from Spain suggested Real president Florentino Perez would secure Vieira's signature in a five-year deal as soon as Thursday.
Perez is involved at the heart of the negotiations to bring the French international to Real.
The main sticking point in wrapping up the deal is how much he will pay for Vieira and just how that money will be paid.
Real want to pay the Gunners over four years but Arsenal are demanding only two cash instalments.
Reports also claim Arsenal want a clause in Vieira's Real contract which prevents him being sold on to Premiership rivals Chelsea and Manchester United.
Madrid will also be keen to bring the speculation to an end as they are back in the spotlight after being linked with another big raid on the Premiership.
The Spanish giants are reportedly interested in luring England striker Michael Owen to the Bernabeu in a £10m deal.