Arsenal have launched a £92m bid for Monaco midfielder Thomas Lemar, according to Sky sources.
The Gunners have been in talks to sign Lemar all summer and Sky Sports News understands they had a £30m offer rejected by the French side in July.
If Arsenal are able to complete the deal, it would surpass the £52m club-record signing of forward Alexandre Lacazette from Lyon.
Lemar, who has also been the subject of two failed bids from Liverpool, is currently due to play for France in Thursday's World Cup Qualifier against the Netherlands at the Stade De France in Paris.
The 21-year-old scored 12 goals in 39 appearances last season as Monaco won the Ligue 1 title for the first time in 17 years.
Monaco have already sold a number of key players this summer, including Bernardo Silva and Benjamin Mendy to Manchester City and Tiemoue Bakayoko to Chelsea.
Thomas Lemar in profile
We chart Lemar's rise from the island of Guadeloupe to the left wing of Monaco's midfield...
They said in July there would be 'no more departures' amid continued interest in Lemar, Djibril Sidibe and midfielder Fabinho and Kylian Mbappe. The latter is now understood to be on the verge of a season-long loan move to Paris St Germain.