Arsenal have had bids rejected for Lyon striker Alexandre Lacazette and Monaco winger Thomas Lemar, according to Sky sources.
The pair are two of Arsenal's top summer targets, along with their fellow Frenchman, Monaco forward Kylian Mbappe.
Lacazette, who scored 37 times in 45 games last season, has two years left on his Lyon deal.
But the club's president Jean-Michel Aulas said earlier this week that they would listen to offers that matched their valuation of close to £50m.
Last month, Lacazette said he would only move to a club who are playing in the Champions League which is not something Arsenal can offer next season.
Lacazette had verbally agreed to join Atletico Madrid this summer but the move fell through after the Court of Arbitration for Sport confirmed three weeks ago that Atletico would be banned from registering players during this window.
FIFA has banned Atletico from signing players, after they were found guilty of breaking international transfer rules for U16 players.
Arsenal's rejected bid for Lemar is believed to have been in the region of £30m.
Lemar helped Monaco win the French title last season for the first time in 17 years and was in France's starting XI for the 3-2 friendly victory against England two weeks ago.
The exciting 21-year-old has three years left on his Monaco contract.
