Arsenal have “put an end to talks” for Lyon midfielder Houssem Aouar, who is valued at around €25m, according to reports in France.
The Gunners have been heavily linked with the midfielder dating back to last summer. Along with Thomas Partey, he was seen as their top transfer target.
They could not get a deal done for Aouar before the transfer window shut, but they did sign Partey from Atletico Madrid for around £44.5m.
Aouar continued to impress in Ligue 1 last season. In the French top flight, he got seven goals and three assists from his 30 outings as Lyon finished fourth.
The 23-year-old has also been linked with Arsenal this summer, with Lyon wanting around £20m for him.
It was reported on Friday that Manchester United, Liverpool and Tottenham are all now interested in the Gunners target.
They report that the Gunners have now “put an end to talks” and they are “stopping there” having offered just less than €20m for the central midfielder.
They add that Arsenal “won’t offer more than their first bid” and that Lyon want €20-25m for him.
The forward is out of contract at the end of this season after joining the Gunners for £46.5m plus add-ons in 2017.
Lacazette netted 13 Premier League goals from his 31 outings in 2020/21.
Campbell said: “Arsenal have shot themselves in the foot so many times over player contracts.
“I think this is a unique situation with Lacazette though. If you are not sure about which striker to bring in, you have just got to roll the dice with Lacazette’s contract. They have done it in the past with Aubameyang and it worked out.
“If they are not going to agree on a new deal, it is obviously something that will be addressed next summer.
“Listen, maybe they could get money for him but if he stays he will be integral to how we play next season. He did well all things considered last season.
“I have no problem with him staying and leaving on a free next summer. The Covid situation has made things difficult.”