The Belgium international has also been the subject of a bid from Copa del Rey winners Atlético Madrid but the Eredivisie champions rejected the Spanish side’s offer.
“We have rejected the offer from Atlético Madrid for Toby Alderweireld,” said Overmars.
“We were contacted this weekend but it was not considered sufficient for a player of the national team of Belgium.”
When questioned about Arsenal’s reported interest in the 24-year-old, Overmars warned the Gunners that Alderweirweld will only be sold if his asking price is met.
The former Arsenal winger added: “They would need to pay the asking price, if we were to let one of our players go.”