The bid was accepted by the French champions but 'Sky Sports' have reported that deal is now unlikely to happen because Thomas Lemar would prefer a move to Liverpool to play Champions League football.
However, other reports suggest that Arsenal have withdrawn their interest for the 21-year-old as they do not believe they would have time to complete the deal before the deadline.
This also means that the possible transfer of Alexis Sanchez to Man City is now unlikely, despite the two teams agreeing a fee earlier today, because Arsenal can not find a suitable replacement for the Chilean international.
Liverpool have already had two bids rejected for Lemar, the latest offer totalling £64.8m, but may step up their approach if the move to Arsenal has in fact broken down.