Championat reported that Usmanov is set to become the new majority shareholder at Goodison Park even though he holds a minority interest in another Premier League club.
That claim has been rejected by a representative [Google Translate version] of Usmanov in the Russian outlet of Forbes who is quoted as saying, "No, that's not true."
Usmanov, listed by Forbes last year as Russia's richest man with a personal fortunate worth almost $15bn, has held a stake in the Gunners for the past nine years, one he has just increased to 30.4%.
Intriguingly, in increasing his position at Arsenal, Usmanov has bought out his long-time business partner, British-Iranian businessman and investor Farhad Moshiri who, according to the Mail, is now "looking to buy a Premier League club."
An investor in steel and energy companies, Moshiri is reportedly worth around £2bn and an Arsenal fan group on Twitter claims that he is rumoured to be looking at buying Everton.
The Usmanov clarification was followed swiftly by a claim by MailOnline that Middle Eastern buyers could be announced as Everton's new owners in the next few days.
Meanwhile, there were rumours on Twitter posted earlier today by Evertonian and former boradcaster Elton Welsby that the proposed takeover by American investors John Jay Moores and Charles Noell was off.
There has been speculation of interest from China and Thailand but nothing of any substance has come from that talk thus far. Equally, there hasn't been anything concrete to suggest that the move by the Americans to buy a majority stake in Everton is not still being discussed. Indeed, a delegation visiting the club on Moores's behalf were at Finch Farm earlier this month.