Monaco are reportedly ready to make a £45million bid to seal the transfer of Arsenal forward Alexis Sanchez and could use the Gunners' interest in Thomas Lemar in negotiations.
Metro has claimed on Thursday that the French giants are ready to sell the 21-year-old but only if the Gunners add the Chilean as part of he deal.
Manager Arsene Wenger is desperate to add Lemar to his squad as he considers him pivotal for next season.
But all attempts by the Gunners to sign him have failed.
Last week, the Frenchman confirmed that he wants to add at least one more player before the end of the summer transfer window.
"There's the usual acceleration in the final part of August," Wenger said.
"But I think you have always to be on alert every day, because a good opportunity might turn up.
"Sometimes people you are after for a long time are not available and suddenly they become available. So you have always to be on alert.
"That's what we do."