Lyon president Jean-Michel Aulas insists Arsenal have not made a bid for Alexandre Lacazette and says the striker will not be leaving the club.
The 25-year-old has been linked with a move away from the Ligue 1 outfit on numerous occasions over the past couple of years after scoring 48 league goals in two seasons.
There has been Premier League interest in Lacazette, with Lyon confirming in May that they had turned down a £31m bid from West Ham for the striker.
More recent reports have now linked Arsenal with a move for the player, who has won 10 caps for France but missed out on this summer's Euro 2016 squad.
However, Aulas said there had been no bids from the Gunners and revealed he has spoken to Arsene Wenger at the European Championships.
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"I saw Arsene during France matches and he has not told me," Aulas said in L'Equipe.
"I don't think it's something and it seems Alex wants to spend this season with Lyon in the new stadium.
"He wants to know an adventure in the Champions League could be much better than last season. I think he will stay with us and we are very happy."