Arsenal are yet to come up with the funds required to convince Lyon to part with midfielder Houssem Aouar in the final week of the transfer window.
Aouar has emerged as Arsenal’s top target and they have an agreement in place with the Frenchman to potentially move to the Emirates Stadium.
Manchester City and Juventus showed interest in him earlier in the window, but they have not made any concrete efforts yet, and Aouar has now accepted that if he is to leave Lyon this week, it may have to be for Arsenal.
Lyon are prepared to let him go but have demanded a fee of €60m before agreeing to sell him.
They have rejected a €38m offer from Arsenal and, according to French sports daily L’Equipe, the Gunners are yet to make an improved bid.
Lyon president Jean-Michel Aulas made it clear over the weekend that Arsenal’s bid was a long way away from what he wants
The Gunners are still scrambling around for funds to make a bid that would convince Lyon to let Aouar go.
The Ligue 1 giants are prepared to keep him at the club for one more season if their demands are not met.
The club do not believe Aouar’s value will go down in a year’s time, especially after he plays for France in next summer’s European Championship.