Lemar’s current deal is due to expire in 2020 but according to Spanish outlet Mundo Deportivo, the forward has turned down a contract extension with the Ligue 1 outfit.
Arsenal lined up the 22-year-old last summer as a replacement for Alexis Sanchez who looked set to join Manchester City.
But the Gunners famously failed with a deadline day bid of £90m.
Liverpool received £142m from Philippe Coutinho’s sale to Barcelona last month and were also believed to be targeting the French star as a replacement.
Speculation has cooled in recent weeks but now that Lemar has seemingly made himself available again, a host of clubs will be lining up to secure his signature.