Atletico Madrid would reportedly only be prepared to sell Thomas Lemar to Arsenal should the Premier League club come up with an 'important' offer for the attacker.
The Gunners have allegedly identified the France international as a potential signing ahead of the opening of the January transfer window.
However, according to AS, Atletico have informed the London club that only an 'important' offer will be considered for the 24-year-old.
Lemar has largely struggled to impress for Diego Simeone's side since arriving from Monaco in the summer of 2018, managing just three goals in 64 appearances in all competitions.
Meanwhile, the versatile attacker, who has a contract at the Wanda Metropolitano until the summer of 2023, is yet to score in 21 appearances at club level during the 2019-20 campaign.
Arsenal had also been linked with a move for Juventus midfielder Adrien Rabiot but will reportedly be unable to sign the Frenchman on loan next month.
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