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 EUR65million to prise Lacazette away from Parc Olympique Lyonnais.
"False information from Le Progres about the eventual transfer of Alex L," he tweeted.
"He's not in London. The first offer was EUR45m!"
A product of Lyon's academy, Lacazette has scored 100 goals in 203 league appearances for Les Gones.