Oar has been a free agent since securing a release from his contract with English Championship side Ipswich Town last month, citing homesickness.

It's believed Sydney are frontrunners for his services and prepared to offer the 24-year-old Gold Coast product a two-and-a-half year deal worth $500,000 per season, with Oar set to make a call on his future as early as this weekend.

On his way to take on Melbourne Victory in Saturday night's Big Blue, Arnold said there was "nothing" in the speculation.

"I've been in Japan and hadn't heard that one," he laughed.