Newcastle boss Graeme Souness has told Arsenal they would have to pay £20m to take Jermaine Jenas to Highbury.
The 22-year-old midfielder has been linked with a move to Arsenal as a replacement for Patrick Vieira, who has moved to Juventus for £13.75m.
Souness, who has secured the signings of two midfielders this summer, told BBC Radio Five Live: "We are not a selling club."
But when pressed, he said: "For £20m, the chairman might be tempted."
Jenas joined the Magpies from Nottingham Forest for £5m in February 2002 and captained the side in Alan Shearer's absence last season.
The midfielder will play no part in Sunday's Intertoto Cup clash with Dubnica in Slovakia - although Newcastle have played down the significance of this.
The club maintain that Jenas and Stephen Carr will not play because they were on international duty at the end of last season.
Newcastle have been linked with Arsenal defender Sol Campbell, who could be used as a makeweight in any deal between the two clubs involving Jenas.
"Sol has been outstanding for Arsenal and the rock they have built their defence on," said Souness.
"The downside for us would be the money he earns - but he is a top defender."
However, asked if it was true Campbell could be switching to St James' Park, Souness said: "No, it is not true."
And the Magpies chief is equally adamant that Jenas is not leaving.
"Listen, I am not going to comment on speculation," he said.
"The only thing I will say is we are not in the business of selling our best players.
"We are not in the business of selling our best players and I am not going to talk about it. We have a big game to try to concentrate on on Sunday.
"It is not going to be an easy game for us because of the lack of fitness we will have and the fitness that the other team will have, so that really is what we are concentrating on, not speculating on who is leaving or who is arriving."