Arsenal have reportedly had a player-plus-cash offer for Lyon midfielder Houssem Aouar rejected.
A number of clubs are believed to be interested in signing the 22-year-old during this summer's transfer window, and Lyon's sporting director Juninho recently admitted that the midfielder could leave.
According to L'Equipe, Arsenal recently offered the French outfit the chance to sign Matteo Guendouzi plus cash for Aouar, but the Gunners saw their bid rejected.
Lyon are thought to value the France Under-21 international in the region of £44m, although the report does not mention how much money was put on the table by Mikel Arteta's side.
Guendouzi is widely expected to leave the Emirates Stadium this summer, having fallen out of favour in the latter stages of the 2019-20 campaign.
Arsenal will play in the Europa League next season due to their FA Cup success.
