Lyon general manager Vincent Ponsont has revealed that the French outfit rejected Arsenal's bid for Houssem Aouar on account of the Gunners tabling a "below market value" offer for the midfielder.
Aouar was tipped to make the move to North London all throughout the summer, but a deal could not be struck and the Frenchman remained at the Groupama Stadium.
Ponsont has now lifted the lid on Aouar's situation in the transfer window, claiming that Arsenal - who ultimately signed Thomas Partey instead - did not match Lyon's valuation of the player.
Speaking to L'Equipe, Ponsont said: "We had three big clubs for him. The first one was more for next season.
"The second one was related to the departure of a player, and with this club, we could have come to an agreement. The third club was Arsenal, who offered below the market value.
"We discussed it with the player's entourage, and together we took the decision to say no. The priority for us was clearly to keep the team competitive. For us, the market was over, but the coach told us that we were missing a lateral defender and then a central defender.
"But in the medium term, if [broadcaster] Mediapro doesn't pay and the Covid continues, it will be the same."
Aouar has since turned out in seven of Lyon's top-flight games during the 2020-21 campaign, banking two goals and one assist for Les Gones thus far.
