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According to the L’Equipe reports, a deal could still be on the cards with 21-year-old Frenchman has been on top of Arsene Wenger’s wishlist.
Monaco winger has impressed last season as he has helped Leonardo Jardim’s side to be crowned Ligue 1 winners and played semi-finals against Juventus.
Monaco vice-president Vadim Vasilyev despite interest from Arsenal claims that Frenchman is not for sale.
He explained: “We have kept all of the key players that we intended to keep.
“And I will address speculation relating to the case of Lemar – he is staying with us.
“He is an immense talent and is essential for the team.”
The 21-year-old attacker has found the net for 14 times and provided 17 assists to his team-mates last term, statistics which have prompted the Gunners to target highly-rated Frenchman.
The Gunners have seen a £45m bid for Frenchman turned down.
Arsene Wenger’s side are keen to add quality to their ranks with Alexis Sanchez has been rumoured with an exit from Emirates Stadium.
Thus far Wenger has managed to sign Alexandre Lacazette and free agent defender Sead Kolasinac.