Juventus now has entered the race for the French midfielder who has been a long-term target for the Gunners.
Arsenal’s first offer of €35m was rejected by Lyon and the Gunners are yet to table a second offer for the French midfielder.
Lyon values their star player at €60m but according to reports they are ready to accept around €45m with bonuses.
To Arsenal’s dismay, Serie A title-holders Juventus are also keen to land the French international this summer.
Lyon chief Jean-Michel Aulas has been open about the interests of other clubs for their star midfielder who still has three years left on his contract.
“There was a timid offer,” he also said, when asked about Arsenal’s offer.
“We felt like either they didn’t consider the fact that this is a player in the French national team.
“So it was not an offer that was even susceptible to making us consider a sale.”
Mikel Arteta after his team’s 3-1 defeat to Liverpool on Monday evening said: “We don’t have any news on new players and either with players that might leave the football club.”
“It’s a week to go, I think it’s going to be really busy for other clubs because not much business has been done.
“Let’s see what happens.”
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