The Gunners have been linked with the 25-year-old all summer as Arsene Wenger bids to boost his attack for the new campaign
Arsenal target Alexandre Lacazette is set to become Lyon's top paid player.
West Ham had a number of bids rejected for the French forward earlier this summer before finally meeting Lyon's asking price of £40million plus bonuses.
However, the Ligue 1 side will offer the France international a new deal until 2019 worth £70,000 a week.
Asked about the possible transfer of Lacazette in this transfer window, Lyon coach Bruno Genesio stated: "That is not going to happen"
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