Yet he admitted a higher offer from one of the Premiership’s big guns would give him the funds he needs to rebuild his threadbare squad.

Pardew said: “The figure of £5m (€7.2m) has been mentioned. But there’s no way Jermain will be going to Arsenal for £5m I can assure you.

“There’s been no interest from any Premiership club for Jermain with a bid. I talk to managers and he’s discussed, but no more than that.

“I think it would be foolish to suggest he’s going nowhere. I don’t want Jermain to go but the top three have a power we can’t match. We are susceptible.

“If he goes the money that will release to me will give me a fantastic chance of building a team.”

Meanwhile, the Hammers have made their first signing following the sale of James, taking Anthony Barness on a month’s loan from Bolton.

The 30-year-old former Chelsea and Charlton full-back impressed on trial with the Hammers and has signed with a view to a permanent transfer. He steps straight into the squad for the trip to Sheffield United this weekend.

Pardew said: “He’s well known to me because I played with him at Charlton.

“One of the reasons I brought him here is because he’s been involved in winning promotion with Bolton and is used to the pressure.

“He has the right experience and he will add to our squad. He can play on either side and gives us great options.”