Arsenal's interest in signing Valencia's Jose Luis Gaya could be over after the Spanish club's president insisted that the defender will not be leaving the Mestalla Stadium.

The 19-year-old left-back, who has also been linked with a move to Chelsea, is understood to have a £12.9m release clause in his contract.

However, Amadeo Salvo has revealed that the player will sign a new deal with his club, telling reporters that: "Gaya will renew with Valencia. You can quote me on that in your respective newspapers."

Gaya, who is a product of Valencia's youth system, made his debut for the La Liga side as a 17-year-old in 2012, and has since won three caps for Spain's Under-21 side.