Atletico Mineiro say that Brazil international Bernard can leave if they are offered at least 25 million Euros.
The 20-year-old, strongly linked with Arsenal, has previously claimed that Porto and Shakhtar Donetsk have already made offers for his signature.
Tottenham and Borussia Dortmund are also reported to have shown past interest in the winger, who recently helped his club clinch the Copa Libertadores with a penalty win over Olimpia of Paraguay.
But, despite some reports claiming Bernard was on the cusp of a medical with Arsenal, Atletico Mineiro's director of football Eduardo Maluf says the offer they would require has yet to be received.
"The president has made it clear that if there is a 25m Euros (£22m) offer, he will sell Bernard and we will sign another player," Maluf declared.
"Otherwise Bernard stays. He is young and can leave at the end of the year.
"Arsenal have denied the Bernard rumour. He is the great player of the moment."
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