Lyon president Jean-Michel Aulas has revealed that Arsenal have yet to make an offer for Houssem Aouar and says he does not expect the Gunners to sign the midfielder.
Reports this week suggested that Arsenal have already agreed terms with the France international and are now preparing a big-money offer to prise him away from Lyon.
However, providing an update on the long-running transfer saga today, Aulas played down claims that Aouar is close to making a move to the Emirates Stadium.
Asked by football journalist Chris Wheatley if he believes Arsenal will sign the 22-year-old, Aulas said: "No, I don't think so.
"There is no offer yet. It seems that Arsenal don't want to, or can't invest the price for Houssem, who is our best player."
Aouar has spent his entire career with Lyon, making 139 appearances for the French side in all competitions.