Halilovic is one of the most sought after young players in Europe, and was heavily linked with both north London clubs during the summer.
Reports had suggested both were considering a January bid for the 17-year-old, who is now considered the best player in the Croatian domestic league, after delivering a series of superb performances for Dinamo Zagreb.
Halilovic has already won three caps for the Croatia national side, but doubts remain as to whether he will be selected for the summer’s World Cup.
All his caps have come during friendlies, meaning the youngster could still switch his allegiance to Bosnia and Herzegovina, who have also booked their place in Brazil this summer.
Some have suggested Halilovic needs to make a big money move in order to be selected for the summer’s tournament, but Dinamo executive director Zdravko Mamic does not believe the youngster should be punished for staying in his homeland.
Mamic told Jutarnji List: “If Alen Halilovic does not go to the World Cup, the whole of the Croatian football leadership, headed by President Suker, should resign.”
Halilovic is cautious of making a big money move too soon, after after seeing former teammates Mateo Kovacic and Tin Jedvaj struggle after moving to Inter Milan and Roma respectively.
19-year-old Kovacic has struggled at Inter since his £12.5million move a year ago, while 18-year-old Jedvaj has made just two appearances for Roma since joining in the summer.