American billionaire Stan Kroenke, who already controls a 12.2 percent stake in the North London club, has been strongly tipped to table a formal bid for control, but Ecclestone was announced as a surprise rival in an English newspaper on Saturday. However, Ecclestone, whose fortune is estimated to be over three billion pounds, was unequivocal when asked if he was planning to buy The Gunners.

Speaking at the European Grand Prix in Germany, he said: "Don't believe what you read in the papers."

Ecclestone has previously admitted that he was poised to make a bid for control of Arsenal's London rivals Chelsea in 2003 before another billionaire, Russian Roman Abramovich, stepped in.

The motor racing boss is regularly seen at Chelsea matches and he admitted that any move for Arsenal would cause him embarrassment at Stamford Bridge. "Imagine the trouble I'd be in at Chelsea," he said.

While he denied the Arsenal rumour that initially appeared in The Mirror, the 76-year-old tycoon typically refused to rule out any future venture into the football market.

"I'll buy anything if it's cheap enough," he added. "If somebody offers me something that I think is good value, I'll have a go."