Arsenal reportedly rejected the chance to sign Renato Sanches in the summer as they were not willing to match Lille's asking price.
The Gunners were tipped to bring in the Portugal international ahead of the 2021-22 campaign, but nothing came of the speculation.
According to Italian outlet Gazzetta dello Sport, Arsenal were informed at the time that Lille were open to business.
However, the Ligue 1 side supposedly refused to budge on their €35m (£30m) valuation and a deal could not be struck.
Sanches has yet to score in eight league and Champions League appearances for Lille this term, though he did net for Portugal in their 2-1 loss to Serbia on Sunday.
AC Milan and Liverpool are rumoured to be weighing up a move for the 24-year-old in 2022.
