Lyon sporting director Juninho says the club have received no offers for Houssem Aouar despite speculation he could join Arsenal.
Arteta still wants to improve his team and wants to sign a new midfielder, with the London side switching their focus from Thomas Partey to Aouar.
But, Lyon are believed to be demanding for a fee around £55m, which Arsenal will struggle to pay unless they sell some players.
While Lyon will allow Aouar leave if their valuation is met, Juninho says they have not received any offers for the Frenchman.
Asked about the futures of both Aouar and Memphis Depay after Lyon’s defeat against Montpellier yesterday, Juninho said: ‘For now, there is nothing for these players.
‘We have not received anything for Houssem, we have not received anything for Memphis.’
Arteta’s hopes of getting a deal done for Aouar are likely to hinge on offloading some players, with the funds from Martinez’s sale as well as a possible exit for Lucas Torreira needed to bolster the transfer kitty.
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Arsenal had offered Matteo Guendouzi in a deal for Aouar, but Lyon are not interested in his signature.
Speaking last week, Juninho said: ‘I get on very well with Edu, we spoke on the phone. Aouar is really appreciated by Mikel Arteta.
‘Guendouzi was discussed during the call, he is a great player, but he is the wrong profile. We are not interested in that at all, we cut the conversation.’