Lyon president Jean-Michel Aulas has revealed that Arsenal have made "a very nice offer" for Alexandre Lacazette, but the Ligue 1 outfit are determined to keep hold of the France international.
Aulas had already agreed to sell Lacazette to Atletico Madrid in this transfer window, but the Spanish giants will now be unable to sign any new players this summer after failing to overturn their transfer ban.
Manchester United and Liverpool have since been linked with a move for the 26-year-old, but Aulas has revealed that Arsenal are the Premier League club to have made an official bid.
"Alexandre Lacazette was told he could leave," Aulas told reporters. "We had negotiations with Atletico. Things did not work out. We now have a very nice offer from Arsenal. But for us he will not leave."
Lacazette scored 37 goals in 45 appearances for Lyon last term, and has now managed 129 goals in 275 appearances since making the breakthrough into the first team during the 2009-10 season.
