Arsenal remain interested in signing Alexandre Lacazette and will make an improved offer for the Lyon forward, according to Sky sources.
Manager Arsene Wenger is keen to strengthen his squad ahead of the new season, but saw a bid in the region of £30m for Lacazette rejected by the French Ligue 1 club last week.
Lyon president Jean-Michel Aulas claimed he did not expect Arsenal to return with an improved offer for the 25-year-old, who previously attracted interest from West Ham earlier in the summer.
Lacazette, who has scored 48 league goals over the past two seasons, signed a new four-year contract to remain at Lyon only last August.
Lyon value Lacazette at £40m, but Aulas has repeatedly stressed that he does not expect to be negotiating the sale of his star striker this summer and expects him to be at the club for the forthcoming season.
Lacazette, capped 10 times by France, has spent his entire professional career at Lyon and scored 92 goals in 230 appearances for the club.
Arsenal have signed three players ahead of 2016/17 campaign - forward Takuma Asano, midfielder Granit Xhaka and central defender Rob Holding.