Lyon has rejected a €35 million offer from Arsenal for Alexandre Lacazette.

Lyon denied that Arsenal have submitted a new bid of €48 million for the 25-year-old France international, whom they insist is not for sale.

“Arsenal made an offer of €35 million which Lyon didn’t accept for one reason alone – we will keep Alexandre Lacazette,” read a statement released by the club.

Arsenal failed previously this summer to sign Jamie Vardy of Leicester City.

Lacazette has been linked with a number of big clubs since scoring 27 league goals in the 2014-15 season and is thought to be keen on a move to the Emirates Stadium, but Lyon’s financial difficulties are behind them and they are not compelled to sell.