Lyon will not sell Alexandre Lacazette during the summer transfer window, the French club has confirmed.
The French giants confirmed that Arsenal made a €35million offer to sign the 25-year-old but the offer was rejected.
The Gunners are still chasing a new striker having failed to sign Jamie Vardy from Leicester City.
Another target, Gonzalo Higuain, has finalised his move from Napoli to Juventus and Internazionale's Mauro Icardi is expected to leave the club to join the Partenopei.
"Arsenal made an offer of €35m which Lyon didn't accept for one reason alone – we will keep Alexandre Lacazette," read a statement released by the club.
"Lacazette is one of the main leaders of Bruno Genesio's squad.
"We categorically deny having received an offer of €48m [£40.2m] from Arsenal for him, as has been reported."