American Stan Kroenke and Russian Alisher Usmanov are the major shareholders in the Gunners and Hill-Wood does not expect either to be keen to sell their interest.
Of a possible £1.5 billion takeover, Hill-Wood said: "I have heard nothing and I don't think anybody knows anything about it at the club. It all seems a bit of a waste of time."
He added: "If there is this consortium, they can't make any progress unless they attempt to get in touch.
"So I can't say if there is anything to it or not.
"But even if they did make an approach, my understanding is our two major shareholders do not want to sell."
