Lyon president Jean-Michel Aulas has told L'Equipe that Yoann Gourcuff would be prepared to accept a pay cut in order to seal a switch to Arsenal.
The France international has long been linked with a switch to Emirates Stadium, and talk of transfer this summer has resurfaced.
Lyon would be prepared to part with Gourcuff's salary if a suitable offer is tabled, and the 27-year-old would prefer a deal to be done to take him to the Premier League.
Aulas insists no loan agreement will be sanctioned with another French club - amid talk of interest from Lorient - meaning the ball is now back in Arsenal's court as the countdown to deadline day continues.
He told L'Equipe on Gourcuff, who netted once and provided two assists as Lyon started the new season with a 4-0 mauling of Nice on Saturday: "Can you see us paying part of his salary for him to play against us with another French club? We've never considered that and it would be even more stupid now than it was a fortnight ago.
"All that I know, if I understood correctly, is that he was ready to lower his salary to go to Arsenal, but that's not the same thing.
"I spoke to his lawyer two weeks ago and he asked for the power of attorney to negotiate a transfer. I said no, but I would be keen to offer a non-exclusive power of attorney to see what happens."
Another of those at Lyon whose future remains up in the air is Bafetimbi Gomis, but, after a proposed move to Newcastle United broke down, Aulas claims the striker could now be persuaded to pen a contract extension at Stade Gerland.
He added: "His circumstances have changed. Newcastle ended talks and we don't have any other offers.
"The most logical solution would be for everyone to get back down to business and for him to prolong for another year. But there are other factors to consider, most notably what Remi Garde wants to do."