Pep Guardiola has claimed it was Manchester City who refused to sanction a deal for Alexis Sanchez after Arsenal demanded Raheem Sterling in exchange.
City were desperate to sign the Chile forward on deadline day last week for a fee of around £70million.
But talks broke down and the player instead remained in north London.
Guardiola said: "In the last days, they [Arsenal] wanted to make swap with us. I said zero chance, not even one per cent chance, because I trust Raheem.”
Sanchez's contract at the Emirates runs out next summer and he could leave in a cut-price deal in January.
And the City boss added: "I don't know what's going to happen in the meantime. He's an Arsenal player.
"Of course we were interested in him, but Arsenal decided not to sell him, so I wish Alexis all the best. He's a player I knew from my time in Barcelona.
"We will see in the future. Now I'm not concerned. I am when the transfer window is open, but when the window closes, it's over for me and I'm it thinking about January or the end of the season.
"We have the guys now who can travel together to the end of the season, so we'll see [what happens]."
The 28-year-old made his first appearance of the season in Arsenal's 4-0 drubbing by Liverpool last month.
He then featured in Chile's World Cup qualifying double-header but was branded "fat" by one of his old coaches.
Jose Sulantay, Chile’s former Under-20 and Under-17 boss, said: "I saw him gone. I saw him out of physical shape, totally. He’s fatter than normal."