Arsenal have had an approach for Thomas Lemar rejected by Monaco, but remain hopeful of sealing a deal for Lyon's Alexandre Lacazette, a source has told ESPN FC.
Arsene Wenger had been hoping to bring Lemar to the Emirates with a bid of around £30 million after the club were told the creative playmaker was open to a move to Arsenal, but Monaco have said they are not willing to let the player go this summer, the source said.
The Ligue 1 champions are determined to keep hold of the 21-year-old after selling Bernardo Silva to Manchester City and with Tiemoue Bakayoko reportedly close to joining Chelsea. Several clubs, including Arsenal, are also pursuing Monaco striker Kylian Mbappe.
Monaco's stance is a blow to Arsenal, who have also had an initial approach for Lacazette turned down by Lyon but remain in negotiations for the France forward. Lyon president Jean-Michel Aulas has publicly told Arsenal they must bid in the region of €65m for Lacazette and the source told ESPN FC that talks are ongoing.
Lacazette may be Arsenal's most realistic chance of a marquee signing this summer, with Aulas having also said that Lyon will not stand in the striker's way if he wants to leave.
However, he has now told Canal Plus: "I do not think that Alexandre Lacazette will leave this summer.''
Aulas also played down the possibility of Olivier Giroud being part of a deal with Arsenal for Lacazette, by saying he thinks the forward wants to stay in London. He also hinted that any deal would have to be completed over the next two weeks.