The Premier League champions are not currently targeting a move for the France international midfielder.
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Earlier claims suggested talks had reached an advanced stage, with Roma valuing the player at around €50 million for his services.
However, according to Fabrizio Romano, those links have now been dismissed, ruling out a move to North London for the time being.
Arsenal are expected to strengthen their attacking options in the summer transfer window, with Morgan Rogers, Christos Tzolis and Paris Saint-Germain’s Bradley Barcola among those admired.
The club continue to assess multiple forward targets ahead of a crucial summer recruitment drive in the market.