Arsene Wenger is eager to secure a deal for the Frenchman, who helped Monaco win Ligue 1 last season, despite already seeing multiple bids rejected.
The Gunners have signed Sead Kolasinac and Alexandre Lacazette so far this summer but hope to complete two or three more significant signings.
But in order to land Lemar, Arsenal will have to break their transfer record for the second time this month as Monaco value the 21-year-old at around £80m, according to the Daily Mirror.
The French outfit have already seen Bernardo Silva and Tiemoue Bakayoko leave for the Premier League and are reluctant to lose any more star players ahead of the 2017-18 campaign.
RUMOR BUS 