The Gunners identified the France international as a potential replacement for Alexis Sanchez in the summer following Manchester City's late push for the Chilean.

Monaco vice president Vadim Vasilyev insists a deal for Lemar to move to the Emirates was "really close" with a £90 million offer tabled. But with the deal falling through ahead of the deadline, the Gunners pulled the plug on Sanchez's proposed move to the Etihad.

Lemar is expected to use the increased interest to command wages of up to £250,000-per-week when he does eventually move -- likely after the 2018 World Cup in Russia.