The Gunners twice bid for the 21-year-old star during the summer transfer window but Monaco's determination to hold onto a player so key to last season's Ligue 1 success saw Arsene Wenger effectively end the club's pursuit earlier this month.
Liverpool have since emerged as a serious contender to sign the France international, making two bids this week with the club's medical team currently on stand to travel to Paris to carry out a medical if a deal is struck.
Barcelona, who have not given up hope of prising Philippe Coutinho away from Liverpool, are also interested in signing Lemar. The Frenchman is now the club's primary alternative should a fourth bid for the Liverpool schemer prove unsuccessful.
But according to the Daily Mail, Arsenal have now thrown their hat back into the ring with an astonishing £90m offer for the Frenchman. Arsene Wenger has long-admired the winger and had been determined to sign him "at all costs", according to L'Equipe, with a new bid on the final day of the summer transfer window a sign of Wenger's determination to bring him to north London.
While the Gunners boss did appear to end talk of another bid earlier this month, the growing possibility of losing Alexis Sanchez before tonight's 11pm [BST] deadline may have reawakened that interest. Manchester City are understood to have returned with a second bid for the Chile international said to be worth £60m, having seen an offer of £50m turned away on Tuesday.
Liverpool meanwhile may have to alter their offer for Lemar following confirmation that Divock Origi has completed his loan move to Wolfsburg. L'Equipe claimed on Tuesday the Belgium international was a key component in the Reds' second offer for the Frenchman; offered on a season-long loan along with an initial payment of €50m with €30m to follow next summer.
But that offer is now off the table with the 22-year-old heading to Germany.
Origi, 22, managed just nine minutes of first-team football this season with Daniel Sturridge and Dominic Solanke now Jurgen Klopp's preferred options in reserve behind the first-team trio of Roberto Firmino, Sadio Mane and Mohamed Salah.