According to a statement made by the French Ligue 1 club, the Gunners are in pursuit of the 25-year-old but have not made a €48m bid as reported in the French press.
"Olympique Lyonnais categorically denies having received a €48m offer from Arsenal for Alexandre Lacazette like Le Progrès claims in their edition this morning," a club statement read.
"The club regrets yet again that Le Progrès did not decide to contact us before publishing this false information.
"The reality is that the club Arsenal made an offer worth €35m, which Lyon did not follow up on for one reason: OL will keep Alexandre Lacazette who is irreplaceable and who is one of the main leaders in Bruno Genesio’s squad."
Lacazette has spent his entire career at Lyon and scored 72 goals for the club in 173 appearances.