Arsenal Transfer News: Latest Rumours on Alexandre Lacazette and Riyad Mahrez

Arsenal’s chances of landing Lyon forward Alexandre Lacazette are reportedly worsening, with the French club set to demand a staggering €70 million (£59.9 million) for the player.

That’s according to Jason Burt of the Daily Telegraph, who has stated that despite the Ligue 1 side initially placing a €50 million (£42.8 million) valuation on the player, they’ve increased their asking price substantially.

"Lyon president Jean-Michel Aulas has been adamant throughout the summer that Lacazette will not be sold, despite sources close to the France international indicating that he was keen to move to Arsenal," Burt continued.

As noted in the piece, the Gunners are said to have had a €35 million (£29.95 million) offer for the 25-year-old turned down. Here is a look at why Lyon value him so highly:

The club’s pursuit of a forward has long been a massive source of frustration for Arsenal fans. Olivier Giroud, while a physical and functional option, has failed to fire the team to glory in the Premier League since he’s been at the Emirates Stadium. And with an injury-prone Danny Welbeck as his back-up, it’s clear an upgrade is needed.

As noted by sports journalist Liam Canning, not landing a high-quality striker before the transfer window closes would be a failure on Arsenal's part:

Lacazette would have potentially provided that boost. With 21 goals in Ligue 1 last term, evidently he knows how to finish. In addition, as a striker who hangs on the shoulder of defenders in an attempt to utilise his searing pace, the France international would give Arsenal the option to stretch defences, something they don’t possess with Giroud.

But it looks as though they’ve missed their chance to get this deal done, with Lyon not keen to cash in so close to a new season. It means Arsenal will have to stump up massive money to land the sharpshooter or enter another season with all-too-familiar flaws in the squad.

Riyad Mahrez Bid Update

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According to Rory O’Callaghan of Sky Sports, Arsenal have not made a bid for Leicester City winger Riyad Mahrez, as had been reported.

"Gunners boss Arsene Wenger admitted on Wednesday that he is still looking to strengthen his squad ahead of the new season," read the piece. "However, Arsenal are yet to make a bid for Mahrez, despite conflicting reports in France suggesting the Foxes had already rejected an approach for the forward."

Indeed, it’s noted the supposed offer for Mahrez, who was the 2015-16 PFA Premier League Player of the Year, was around the £30 million mark.

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However, despite the reports around a potential bid, Ed Aarons of the Guardian reported later on Wednesday that Mahrez "has accepted he will not be allowed to leave Leicester" ahead of the close of the transfer window.

Aarons reported that Leicester's director of football John Rudkin met with Mahrez's agent, saying the Foxes are "not willing to entertain any bids for Mahrez so close to the start of the season with little time left to find a replacement."

The Algeria international enjoyed the finest campaign of his career in the previous season as Leicester romped to a surprise Premier League title. While the drive of N’Golo Kante and incision of Jamie Vardy were hallmarks to the remarkable story, it was Mahrez’s dazzling displays on the flanks that were most pleasing on the eye.

Bleacher Report’s Nick Akerman believes the winger would be a fine capture for the Gunners, although not as important as a forward or a new defender:

Mahrez would add goals to the Arsenal cause, having netted 17 in total last term. That would be a big boost to their title chances, as would the winger’s ability to create for his team-mates and quickly convert defence into attack.

With contrasting reports as to whether an offer has been made and even Mahrez's availability, this is a transfer saga that looks set to run for the duration of the window.

However, as good a player as the 25-year-old is, Arsenal shouldn’t spend too much time pursuing him prior to sorting out their problems up top and in the centre of defence.