West Ham will not entertain any bids for Declan Rice until the season is over, the PA news agency understands.
Reports emerged on Monday that Arsenal want to open talks with the Hammers over a £90million move for the England midfielder.
West Ham are understood to be resigned to losing their captain this summer and are braced for a bidding war, with Chelsea and Manchester United also in the mix.
The Hammers are all but safe from relegation and face AZ Alkmaar in the second leg of their Europa Conference League semi-final in the Netherlands on Thursday, leading 2-1 from the first leg.
Rice, 24, knows his final act in a West Ham shirt could be lifting a European trophy in Prague on June 7, sealing his place in club folklore.
He would become only the third West Ham captain to collect a trophy, along with Bobby Moore and Billy Bonds, who lifted their last piece of silverware, the FA Cup, in 1980.