Lyon have rejected an offer from Arsenal for Alexandre Lacazette but president Jean-Michel Aulas says talks are continuing over the striker.
The French club have also not entered into discussions with the Gunners about a potential swap deal involving Olivier Giroud.
Lacazette, who fired 37 goals last season, has emerged as Arsene Wenger’s No.1 striking target this summer, with Arsenal having admitted defeat in their pursuit of Monaco starlet Kylian Mbappe.
Wenger believes he has convinced Lacazette to move to the Emirates.
But Lyon are playing hardball, having seen the 26-year-old’s move to Atletico Madrid fall through earlier this summer.
Aulas wants around €65million in total for Lacazette, a fee well in excess of Arsenal's record deal - the £42million paid for Mesut Ozil - but the Gunners are confident that they will get their man.
Negotiations are continuing for a player who has scored 100 goals in 203 league games.
Aulas confirmed at the weekend that he will hold out for maximum value, a fact he reiterated on Monday at Bertrand Traore’s unveiling.
And after introducing Mariano Diaz, the club’s new £7million signing from Real Madrid, on Friday, he made it clear that Arsenal have yet to offer an acceptable figure.
"At this moment, we have not reached an agreement with Arsenal for Alexandre Lacazette," declared Aulas.
“Also, an exchange between Lacazette and Olivier Giroud has never been spoken about”.
Aulas confirmed earlier this week that Lacazette still wants a new challenge, as he looks to cement a place in France's World Cup squad next summer.
"He wants to leave. We will discuss it in the coming weeks. If so, offers will be heard, provided they match the value of the player.
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