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Arsenal have failed in their attempt to buy striker Alexandre Lacazette from Lyon.
The Gunners offered £29.3million for the 25-year-old France international but their bid was rejected by the French club, who have made it clear the player is not for sale.
"Arsenal made an offer of 35 million euros which Lyon didn't accept for one reason alone - we will keep Alexandre Lacazette," a statement released by the club read.
"Lacazette is one of the main leaders of Bruno Genesio's squad.
"We categorically deny having received an offer of 48 million euros from Arsenal for him, as has been reported."
Arsenal are looking to strengthen their attacking options ahead of the new season and had set their sights on Lacazette after missing out on Leicester's Jamie Vardy.
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