Lyon will not allow Arsenal target Alexandre Lacazette to leave until a replacement is signed, says president Jean-Michel Aulas.

The Gunners are seeking to complete a club-record deal for the France international after lodgin a bid with £44million, only to be told to up the fee to around £57m.

Lacazette looked to be on course to join Atletico Madrid, only for the Spanish club to see their transfer ban upheld, and Aulas insists offers will be considered but if suitable for the club.

Lyon signed forward Bertrand Traore for £8.8m on Monday but Aulas does not consider the former Chelsea youngster a replacement for their star man.

"Today [Monday] our position is that as long as we have not signed his replacement, we will keep him," Aulas told reporters at Traore's unveiling.

"He expressed the wish to leave and he was given an agreement to go to the club of his heart, but things did not happen.

"He wants to leave. We will discuss it in the coming weeks. If so, offers will be heard, provided they match the value of the player."