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Lacazette and Lemar are two of Arsenal’s top summer targets, with Monaco forward Kylian Mbappe. Lyon will let Lacazette leave if Arsenal meet their valuation of close to £50m.
The rejected bid for Lemar is believed to have been in the region of £30m. Lemar helped Monaco win the French title for the first time in 17 years and was in France’s starting XI for the 3-2 victory against England two weeks ago. He has three years left on his Monaco contract.
Lacazette scored 37 times in 45 games last season. He has two years left on his Lyon deal.