Mikel Arteta is keen to revamp his midfield options this summer window and Houssem Aouar has been considered as the primary target.
His impressive performances last season has attracted many Europe’s top clubs but Arsenal are in the frontline for his signature.
Lyon demands a minimum of £40million for the talented midfielder but the Gunners are yet to make an offer.
Lyon president Jean-Michel Aulas confirmed that Arsenal has not approached them with an offer and cited two reasons for the same.
He said: “No I don’t think so… no offer yet.
“It seems that Arsenal don’t want to, or can’t invest the price for Houssem, who is our best player.”
Mikel Arteta has been informed by the board that in order to buy some players in the market the club needs to sell a few which is why they let goalkeeper Emi Martinez join Aston Villa for £20million.
“Well, at the end of the day we have to find some balance between what we want to achieve with our squad and our finances,” he said.
“It gets to the point where if you want to achieve certain things, you need to sacrifice others.
“Time will tell whether we are weaker or not and obviously the recruitment we are planning to do to try and get our second goalkeeper, they will hopefully bring a really good performance level.
“We can see Emi being successful at Villa and we are all happy for him.”
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