Lyon president Jean-Michel Aulas claims that Arsenal made a late bid for Yoann Gourcuff before deadline day.
The Frenchman was just one of the players chased by the Gunners in the final days of the transfer window as Arsenal searched for replacements for Samir Nasri and Cesc Fabregas.
Gourcuff, who is currently recovering from injury, is regarded as one of the best attacking midfielders in France and is thought to be a long-term target of Arsene Wenger's.
Lyon rejected Arsenal's enquiry for Gourcuff with the player having a big part to play at Stade Gerland.
"I got a call on the penultimate day of the transfer window from Gilles Grimandi asking for a loan," Aulas told RMC Sport.
"We believe in re-establishing Yoann. He has been operated upon. He has just resumed training.
"We have chosen Gourcuff, like last year. It was hard last season. Hopefully he will demonstrate his capabilities this term."
Gourcuff scored three goals in 27 Ligue 1 appearances last season for Lyon but is currently ruled out through injury.