Lyon claim they have rejected Arsenal's EUR35 million offer for Alexandre Lacazette.
A report in Le Progres suggested the Premier League side had tabled an offer worth EUR48m, but the Ligue 1 side have insisted the bid was significantly lower and has been turned down.
"Lyon categorically deny having received an offer of EUR48m from Arsenal for Alexandre Lacazette like Le Progres reported in this morning's edition," a statement from Lyon read.
"The club laments Le Progres' decision not to contact the club before publishing this false information, which causes confusion on the day OL publishes its annual financial figures.
"The reality is that Arsenal have tabled an offer of EUR35m, which Lyon have not acted upon for one reason. OL will hold on to Alexandre Lacazette because he is irreplaceable and one of the key figures in Bruno Genesio's squad."