At the start of the day Liverpool appeared to be in pole position to get Lemar.
But as the hours ticked by towards the transfer deadline at 11pm, Arsenal edged ahead to the front of the queue.
Here, Starsport round-up the latest news on Lemar.
In a word. No.
Starsport understands Monaco wanted £92m for Lemar, and Arsenal were willing to stump up the cash.
But in order to finance a deal for Lemar, they had to get Alexis Sanchez off the books.
Manchester City wanted the Chilean but refused to meet Arsenal's £70m valuation.
Liverpool have failed with two bids this summer worth £55.5m and £65m.
But Lemar won't be pitching up at Anfield this summer.
After completing the signing of Alex Oxlade-Chamberlain from Arsenal earlier today, they decided against renewing their efforts to get the France international.
It's claimed Lemar wanted to join Liverpool over Arsenal this summer.
The Monaco man knew he would get Champions League football at Anfield, and that appealed more to him than playing in the Europa League for the Gunners.
The Chilean will be staying at Arsenal after all.
Reports from his homeland claimed he told his international team-mates that he was already a Manchester City player.
But those comments appear to have been premature.
Arsenal wouldn't sell the player without securing a replacement, and he'll now see out the season with the north London club.
Kieran Gibbs was sold to West Brom yesterday, while Lucas Perez has joined Deportivo on loan.
Jack Wilshere and Mathieu Debuchy remain up in the air.
Leicester reportedly made a big-money move for Calum Chambers but Arsenal are adamant the defender will not leave in this window.
They've signed Alex Oxlade-Chamberlain from the Gunners and loaned Divock Origi to Wolfsburg.
Liverpool won't be signing Virgil van Dijk.
Starsport say Southampton will not be selling the defender today.
