LYON have rejected Arsenal's bid for striker Alexandre Lacazette.
But the Ligue 1 outfit have dismissed the report and instead revealed that Arsenal actually offered £29m for Lacazette.
They announced their decision to snub the bid via their official Twitter account.
Their statement said: "Lyon categorically deny having received an offer of €48m (£40m) from Arsenal for the transfer of Alexandre Lacazette as Le Progres claimed in today's edition.
"The club again regrets that Le Progres have not bothered to contact the club before publishing this false information which has created confusion on the day that [the owners] published an annual turnover of €218.1m (£182m), an increase of 111 per cent on 2014/15.
"The truth is that Arsenal made a formal offer of €35m (£29m) to which Lyon have not responded for this one reason: Lyon will keep Lacazette, who is irreplaceable and one of the leading players in Bruno Genesio's squad."
Wenger, 66, has made three summer signings with midfielder Granit Xhaka, promising Japan forward Takuma Asano and England Under-21 defender Rob Holding added to his ranks.
But a marquee forward signing is still missing.
Ladbrokes spokiesman Alex Apati said: “It seems like the perfect match - Lacazette wants a new challenge and the Gunners want a new forward, and the odds are suggesting the striker could be heading to the Emirates pretty soon.”
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