Yoann Gourcuff has turned down a contract extension with Lyon reports in France claim as the playmaker continues to wait on a possible move to Arsenal.

After successful spells at Rennes and Bordeaux, Gourcuff's form since moving to Lyon in 2010 has been somewhat inconsistent. This season he looks to have improved, having scored twice in the side's first two matches and the Gunners are believed to be one of a number of clubs interested in the 27 year old.

Lyon admitted that he is interested in a move to Arsenal, and French television station Telefoot are claiming that he has turned down a renewed offer from Lyon in the hopes of securing a move elsewhere.

An attacking midfielder is one of many areas in which Arsene Wenger could do well to add some depth to the Gunners' squad this season. So far in the current window, despite Ivan Gazidis making promises to spend big as the club repay their stadium debt, Wenger has purchased just one player in Yaya Sonogo.

Gourcuff's price tag is believed to have seriously dropped from the €22m which Lyon paid for him, which would certainly be within the French manager's grasp should he be willing to make a move in the next two weeks.

Eurosport reports that Liverpool and Valencia are also interested in the France international, but Arsenal are the most likely suitors at this stage as deadline day nears.

Wenger showed particular frustration with the media over speculation regarding his lack of spending power at the weekend after his side slumped to a 3-1 loss to Aston Villa.

Much of the blame seemed to lie with the dearth of options in the Arsenal squad, as well as the atmosphere at the Emirates which involved the fans chanting for Wenger to spend some money.

"You got what you wanted, you should be happy," Wenger said to reporters in his post-match press conference. "Before the start the season that was all you write in the papers so what do you expect?"

His comments certainly summed up a frustration surrounding the club as much as the feelings within it and some pundits believe that Wenger has been unable to close deals on the players who the club have shown interest in this summer.