The Monaco exit of Tiemoue Bakayoko to Chelsea and the likely departure of Benjamin Mendy mean a deal for Lemar is looking increasingly difficult.
Don't you just love the transfer rumour mill, the way that just one little comment from an Arsenal groundman or an inconsequential journalist can spark a feeding frenzy amongst the fans.
Lemar has emerged as a key target in recent weeks and the boss admitted at his press conference while on our pre-season tour last week that the French international was firmly on his radar. "There is no set plan for him", Edwige Lemar told Ouest France. "In this situation, the player will have a say, but he is not always the only one to decide". Speculation also continues over the futures of midfielder Fabinho and forward Kylian Mbappe - who is said to be wanted by both Arsenal and Real Madrid.
Arsenal's summer recruits so far are France striker Alexandre Lacazette from Lyon for a club record £46.5m and the free transfer of left-back Sead Kolasinac from Schalke.
L'Equipe understood last week - as reported by GFFN - that Monaco vice president Vadim Vasilyev had no intention with negotiating with Arsenal at all for Lemar, even while the belief is that he would consider a sale for an extortionate price. However, it is clear that that offer would have to be an improvement of north of €10m to have any impact at all.
The same story claims that Leicester City winger Riyad Mahrez is a potential alternative for Wenger should he fail to land Lemar this summer.