Arsenal are understood to have failed with a player-plus-cash move for Lyon midfielder Houssem Aouar, a report from RMC Sport claims.
The Frenchman is regarded as one of Ligue 1’s best young midfielders and his progress has caught the eye of elite European clubs.
Manchester City and Juventus have been credited with an interest, but the Gunners are determined to sign the playmaker ahead of them.
According to RMC Sport, the north London side recently offered £31.2m plus an unnamed player for Aouar, but the proposal was rejected.
Les Gones want at least £45m for their academy graduate, who has built his reputation after a string of top displays in the Champions League last term.
The 21-year-old has not played a single minute for the club since the defeat at Brighton & Hove Albion last term due to disciplinary reasons.