Lyon's president has told Arsenal that Alexandre Lacazette will not leave the French club unless the Gunners match a valuation of at least £44m.
The 26-year-old scored 37 goals in 45 appearances for Lyon last term, and has now managed 129 goals in 275 appearances since making the breakthrough into the first team during the 2009-10 season.
Lacazette was expected to join Atletico Madrid this summer, but the move was scrapped after Los Colchoneros failed to overturn their transfer ban, leaving Arsenal as the apparent frontrunners for his signature.
Jean-Michel Aulas, however, told L'Equipe that it is "premature" to suggest the France international will end up at the Emirates Stadium and even suggested that Atletico could resurrect a deal in January once the embargo is lifted.
Aulas said: "I do not intend to cede Alexandre quickly, because there is always the will of Atletico Madrid to bring it to January 1. Now I also listen to what Alexandre says.
"I saw Arsene Wenger during the France-England match [on June 13]. I was with [Aulas's adviser] Gerard Houllier and I understand he told Gerard there could be interest from Arsenal, but it's premature to say that things will happen. We are talking about €50m to €60m (£44m-£53m), Arsenal are ready to pay for Lacazette. It will have to be at least that.
"Everyone knows that Atletico's offer is €53m plus 12m bonus. That's €65m (£57m). As the leaders of Arsenal are well informed, they will be in those waters. But frankly I have not thought about Arsenal for the moment. I thought Alexandre would stay because of the failure, initially, with Atletico Madrid."
Lacazette is also reportedly on the radar of both Manchester United and Liverpool.
Giuseppe Labellarte
