Jean-Michel Aulas has denied reports Arsenal target Alexandre Lacazette is in London to undergo a medical and indicated the Gunners have not met Lyon's asking price for the striker.
According to French publication Le Progres, the 26-year-old centre-forward has arrived in England prior to finalising a switch to Emirates Stadium.
Writing on Twitter, the Lyon president described the story as "false" and claimed Arsenal's initial offer was below the Ligue 1 club's valuation of their star attacker.
Aulas has previously said the Premier League side must part with €65million to prise Lacazette away from Parc Olympique Lyonnais.
Fausses ls informations du Progrès:l'éventuel transfert d'Alex L celui ci n'est pas à Londres la1 ère offre était de 45 m€ !July 2, 2017
"False information from Le Progres about the eventual transfer of Alex L," he tweeted.
"He's not in London. The first offer was €45m!"
A product of Lyon's academy, Lacazette has scored 100 goals in 203 league appearances for Les Gones.
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