Lyon have slapped a £16m valuation on French goalkeeper Hugo Lloris in an attempt to swat away the advances of Arsenal.
The French goalkeeper endured a torrid European Championship campaign; behind a leaky French defence which was breached twice against Sweden and Spain.
Lloris has been a consistent performer for the seven-time French champions, and such is his standing in his homeland that his club are refusing to allow him to leave for less than £16m, while also denying that Arsenal have submitted a bid.
"A certain number of players were not good enough last season and will leave or at least be placed on the transfer list," club president Jean-Michel Aulas said.
"Hugo told me he would like to leave if an offer comes in from one of the biggest five clubs in Europe.
"If one of these clubs makes an offer that matches his market value, in other words 20m (£16m) Euros then he can go.
"If there is no offer before July 15 he will remain at the club for the coming season.
"For the moment there has been no offer from Arsenal or anywhere else."
While Arsenal will be able to offer Champions League football next season after their third place finish in the Premier League, Lyon, off the pace in the Ligue 1 title race last term, had to settle for a Europa League spot.
The Gunners have been the victim of goalkeeping mishaps in recent seasons, but in Wojciech Szczesny, have a stopper who Arsene Wenger can finally rely on.
The Pole didn't enjoy a pleasant Euro 2012 as he was sent off in the co-hosts Poland's first game against Greece and subsequently failed to get back into the team.
International teammate Lukasz Fabianski provides competition at club level, while Vito Mannone is third choice, despite his horrid error against Olympiakos last season.
Both Lukas Podolski and Olivier Giroud have already moved to the Emirates Stadium ahead of the new season, while the club's main aim this summer is to tempt last term's top scorer Robin van Persie into sign a contract extension.