Lyon president Jean-Michel Aulas believes Alexandre Lacazette will stay at the Ligue 1 club, insisting there has been no offer from Arsenal.
Lacazette, a 10-time France international, has been linked with a move away after 48 league goals in two seasons for his boyhood club.
Reports suggested the 25-year-old was a target for Premier League outfit Arsenal, with some saying the parties were in talks.
However, Aulas said there had been no offers - and believes Lacazette will remain at Lyon.
"I saw Arsene [Wenger, Arsenal manager] during France matches and he has not told me," Aulas told L'Equipe.
"I don't think it's something and it seems Alex wants to spend this season with Lyon in the new stadium.
"He wants to know an adventure in the Champions League could be much better than last season. I think he will stay with us and we are very happy."
One player who could be set for a departure from Lyon is Mathieu Valbuena, a 52-time France international.
Aulas confirmed the 31-year-old attacker was a target for Turkish giants Fenerbahce.
"There is contact, it's true," he said.