Arsene Wenger will reportedly end his interest in Thomas Lemar, as he eyes up a move for Lyon star Nabil Fekir.
Arsenal were close to bringing in the Monaco winger to the Emirates on Deadline Day in a British-record bid of over £90million.
But the French international rejected the Gunners, and are not confident of landing him with growing interest from Champions League clubs including Barcelona.
According to the Mirror, Arsenal have identified Fekir as a possible recruit, who could replace Mesut Ozil and Alexis Sanchez as they near the end of their contract.
SunSport previously reported that the FA Cup champions were closing in on a £60million deal for the 24-year-old.
He could link up former team-mate Alexandre Lacazette quicker than expected after the striker moved to North London from Ligue 1 in a £52m deal.
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Fekir is playing the best football of his career this season, having netted 12 goals in 15 games and has registered four assists.
The ten-cap Les Bleus international can be deployed as a No 10, a second striker, or even on the wing.
With Sanchez believed to be going Manchester City, and Ozil stalling over a new £275,000-a-week contract, Arsenal have no alternative but to look for new recruits.
But they may face competition from La Liga side Real Madrid according to reports from Spain.
He recently told Le Parisien: “When you are from Lyon, the only French club that you are interested in is Lyon.
“There is nothing that tempts you more than that… Spain and England. Those are the two most attractive leagues, where they love football.”