Arsenal have had bids for Lyon striker Alexandre Lacazette and Monaco winger Thomas Lemar turned down, according to Sky sources.
The two French players are top summer targets for Gunners boss, Arsene Wenger, along with international team-mate, Kylian Mbappe.
Lacazette, who scored 37 times in 45 games last season, has two years left on his Lyon deal.
Earlier this week, the club’s president Jean-Michel Aulas, said they would listen to offers that matched their £50million valuation.
The player himself had verbally agreed to join Atletico Madrid this summer, until the Court of Arbitration for Sport (CAS) upheld the transfer ban on the La Liga club.
Arsenal’s rejected bid for Lemar is believed to have been in the region of £30m.
The 21-year-old helped Monaco win the Ligue 1 title last season for the first time in 17 years and has three years left on his contract.
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