Olympique Lyon has confirmed that it has rejected a £29 million (€35m) bid from Arsenal for striker Alexandre Lacazatte.

Arsenal have been chasing Lacazette since last season’s transfer window and this development could put an end to Arsene Wenger’s side tabling an improved bid for the Frenchman.

The 25-year-old France international was in dazzling form during the 2014/15 season, scoring 27 goals in 33 league games, which contributed to Lyon’s charge at the top of the table and ensured he finished as the league’s top goalscorer.

In a club statement released by the Ligue 1 giants on Tuesday, it is revealed the offer was not even considered and Lyon have now denied reports an improved offer of €48 million (£40m) was subsequently lodged.

Reasons for making the information public has to do with Lyon’s financial interests.

The statement read, “Lyon categorically deny having received a 48m euro offer for the transfer of Alexandre Lacazette, as reported by “Le Progres” this morning.

“The club regrets that once more “Le Progres” has not taken the time to contact it before publishing this false information which creates confusion on the day that the Olympique Lyonnais group publishes it’s annual turnover of 218.1m Euros, an increase of 111% on 2014/15 figures.

“The reality is that Arsenal Football Club formulated a €35m offer which Olympique Lyonnais has not considered for the sole reason that OL will keep Alexandre Lacazette, who is considered irreplaceable and one of the key leaders of Bruno Genesio’s squad.”

Arsenal have been actively in the hunt for a new striker all summer, after missing out on Leicester City striker, Jamie Vardy.

The Gunners have been keen on a striker to come in and help take the pressure of 29-year-old Olivier Giroud ahead of the new season, with Real Madrid’s Alvaro Morata also an option.