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L’Equipe in France is reporting Monaco have turned down a third offer from Arsenal for Thomas Lemar.
The newspaper says the bid was worth €50m (£44.7m).
It goes on to add: “A departure does not seem completely excluded.”
Monaco vice-president Vadim Vasilyev has publicly stated the club does not wish to sell Lemar.
“I have also seen speculation about the case of Lemar,” Vasilyev said this week. “But he stays with us, we talked together, he has a tremendous talent.”