Arsenal could launch a fresh attempt to sign Thomas Lemar in January after they failed with a £90m ($120m) bid on transfer deadline day in the summer, according to reports.
The Mail on Sunday reports that the Gunners are likely to return with an offer for Lemar when the transfer window reopens, although it is likely to be lower than what they offered in the summer.
Arsenal launched a dramatic late bid for the France international in August after they reached a deal in principle to sell Alexis Sanchez to Manchester City for £60m.
But the move broke down in the 11th hour as the Gunners failed to convince Lemar to join them as Sanchez's replacement.
The Mail claims Lemar, who has two-and-a-half years left on his Monaco contract, is now open to moving to the Emirates Stadium after the Ligue 1 club's elimination from the Champions League.
Gunners stars Sanchez and Mesut Ozil are both in the final year of their contracts and are free to discuss a Bosman move with foreign clubs from January.
The Sunday Mirror reported that PSG are favourites to sign a pre-contract agreement with Sanchez in January ahead of a free transfer next summer as they have doubts over the future of Neymar.
Arsenal boss Arsene Wenger said last week that he had no concerns about Ozil and Sanchez being distracted by the transfer speculation surrounding them over the coming weeks.
"I have no concerns about them, I am more concerned about the team performance," Wenger was quoted as saying by the Independent.
"They want to turn up and put in good performances. I am more concerned that the team focuses on strong performances.
"I don't question their honesty. Nobody knows what will happen when the players reach the end of their contracts. Our worry is to perform on Sunday, that is it."
Arsenal travel to Turf Moor to take on Burnley on Sunday, 26 November.