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Reports from the Telegraph claims Arsenal are not in talks with Leicester City for Riyad Mahrez and 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.