Lyon have reportedly rejected a £31.2million bid as well as the player offered by Arsenal for Houssem Aouar.
It is understood that Lyon value the 22-year-old, who helped the Ligue 1 club reach the Champions League semi-finals last season, at £45million.
According to French outlet RMC Sport, a £31.2m bid and a player were offered to Lyon – which they have snubbed.
While not naming the player, there are suggestions it could have been Matteo Guendouzi, who has been frozen out by Arsenal boss Mikel Arteta.
In August, Aouar gave a cryptic response when asked if it would be hard to leave Lyon without saying goodbye to fans.
He said: “I haven’t left yet, so I haven’t asked this question.”
Aouar repeated his answer when asked whether a big-money move could affect his chances of making the France squad for next year’s European Championship.
He added: “I haven’t left yet! “That one is very tough… I want us to start well, and that we beat Dijon, to start with.”