Unai Emery said Aston Villa will be "very demanding" over Ollie Watkins' future after the club rejected a bid for the striker from Arsenal on Wednesday.
It is expected Arsenal will return with an improved deal after seeing their first offer knocked back but Villa's position is that Watkins is not for sale, which makes it unlikely a deal will be done in this window.
Saudi Arabian club Al Nassr believe they have struck a deal for Villa's other top striker Jhon Duran.
Watkins started and scored in Villa's 4-2 win over Celtic in the Champions League on Wednesday night, tapping the club's badge as he celebrated his goal, while Duran was an unused substitute.
Emery confirmed after the game that he wanted to keep Watkins at Villa Park and appeared to lay down a warning to Arsenal over their pursuit of the striker ahead of Monday's deadline.
"I don't want [him to leave]," he told his press conference. "It is good news to have an offer from other clubs, or interest. It is good.
"But we want to keep our sporting objective through the players we have in the squad. Every player can be in the market in case it is good for the club, the player and the team but to get this deal of course we are going to be very demanding as well and Watkins is our striker."
Arsenal manager Mikel Arteta was asked about Watkins after his side's victory over Girona, but did not give much away. He said: "I can't talk about any of that. My confidence is that we have an amazing club with people always working to try and improve.
"Let's see what happens."
Watkins, known to be an Arsenal fan, is the Premier League's ninth-top goalscorer this season with 10 goals - including Villa's equaliser at Arsenal earlier this month.
The 29-year-old has five goals in 18 games for England, including the winner in last season's Euro 2024 semi-final victory against the Netherlands.
Sky Sports News' Kaveh Solhekol:
"It is expected Arsenal will go back in with an improved offer.
"The story is a little bit complicated because Villa have two No 9s who are in demand.
"I am pretty sure Villa's position will be that Watkins is not for sale and he has three years on his contract."
Back when Watkins was a Brentford striker in the Championship, he was asked in March 2020 whether he would want to join his boyhood club Arsenal and admitted it was "the dream" to turn out at the Emirates.
"Thierry Henry, as an Arsenal fan, was unbelievable to watch. He was my idol growing up," he told Sports Gazette.
"The dream is to play for Arsenal one day but it's a long shot. My family support them and stuff like that but that's the long term."
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