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Reports from the Telegraph claims Arsenal are not in talks with Leicester City for Riyad Mahrez and a deal could be announced in by next week.
The reports claim Arsenal have opened talks with Leicester over Mahrez, who they see as a fallback option should they not sign Lemar and should Mesut Ozil fail to sign a contract extension.
Discussions have been held with the Foxes for the Algeria international, but the two clubs are some way off agreeing a fee.
Arsenal value the 26-year-old at around £35m but Leicester are holding out for closer to £50m for the 2016 PFA player of the season.
Mahrez has handed in a transfer request in a bid to force a move away and is keen on a switch to the Emirates.