Lyon president Jean-Michal Aulas claims Arsenal have not lodged an official bid for sought-after striker Alexandre Lacazette.
After moves for Jamie Vardy and Alvaro Morata fell through, it was reported that Gunners boss Arsene Wenger had made a £42 million offer for Lacazette in a bid to bolster his attacking options for the new season.
However, Aulas has denied the media reports, claiming Wenger would have spoken directly to him about any possible transfer.
"I saw Arsene during France's matches and he has not told me [of his interest in Lacazette]," Aulas told 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."