Arsenal transfer news: Thomas Lemar did not want to play for Europa League club

Arsenal agreed a £92million deal with Monaco earlier today for the signing of France international Lemar.

But the 21-year-old rejected the move to Arsenal as he is holding out for a Champions League club.

Lemar has also been a target for Liverpool but now looks likely to stay with France.

London Evening Standard journalist James Olley, a reliable source of Arsenal transfer news, tweeted: “Lemar deal looks "dead" (again). Am told #afc offered £75m + £17m in add-ons. Lemar did not want to play for a Europa League club (ouch).”

Arsenal are now highly unlikely to complete any major deals before the 11pm transfer deadline tonight.

Lemar had been a target for the Gunners for much of the summer, with Liverpool also interested in him.

It is understood Arsenal made a late push to sign Lemar after Manchester City made an improved offer for their forward Alexis Sanchez.

While Gunners manager Arsene Wenger has been insisting for months that Sanchez, whose contract expires at the end of the season, would not be sold, it is believed the Chile forward would have had a chance of a move if Arsenal could have signed a replacement.

But, with the deadline set for 11pm, it is understood the club are now not expecting to get the deal over the line on time.

That ultimately means Sanchez is likely to stay put, even though it is understood City launched an improved bid earlier yesterday.

Arsenal had already lost Alex Oxlade-Chamberlain to a Premier League rival earlier today as the England international completed a move to Liverpool.

Kieran Gibbs was sold to West Brom yesterday while the futures of players such as Lucas Perez, Jack Wilshere and Mathieu Debuchy remain up in the air.

Leicester reportedly made a big-money move for Calum Chambers but Arsenal are adamant the defender will not leave in this window.