Arsenal will be forced to switch transfer targets again after Lyon chairman Jean-Michel Aulas claimed Alexandre Lacazette is staying.
The 25-year-old forward has been linked with the exit door for several months and reports suggested Arsenal had a £29million bid rejected earlier this summer.
His price-tag could have shot up following the opening weekend of the Ligue 1 campaign after he scored a hat-trick against Nancy.
The Gunners continue to be linked with the striker but Aulas insists his club does not need to cash in.
He told BFM.TV: “Of course. Alexandre is one of the senior players in the team. First, we intervened very, very early but that’s due to the fact that the economic situation of Olympique Lyonnais had dramatically improved.
“Then only using rules not traditionally employed in the liberal world, as wages talking on the radio, on television, not to hurt anyone. Things went well. To progress, it may account for its mistakes and learn from its success.”
Gunners boss Arsene Wenger has a week to sign the goalscorer he desperately needs but with Lacazette off the radar he is fast running out of top-class options.