Going in for Lemar, 24, would mean rekindling an interest first seen in the summer of 2018 when Atletico Madrid signed the winger.
Reports of a renewed bid first emerged earlier in the month with Arsenal also said to be looking at RB Leipzig defender Dayot Upamecano.
Lemar is yet to score or make an assist this season, hence his link with a move out of La Liga.
And according to AS, Lyon join the Gunners in preparing a loan offer with a purchase option included.
Memphis Depay’s injury has hastened the Ligue 1 side’s need for a fresh attacker.
Lemar broke through in the division with AC Monaco before a £63million switch to Atletico Madrid.
In his 18 months at Atletico Madrid, the winger has come to underline the club’s struggles in the transfer market.
Diego Simeone’s side are seven points off the pace in La Liga with Lemar subbed off early in the second-half in each of their last two matches.
It is believed that could spell the end of his time at the Wanda Metropolitano with Arsenal in need of fresh spark having netted just once in three outings.
Arteta put his faith in Mesut Ozil and Reiss Nelson in the debut draw at Bournemouth, placing Alexandre Lacazette up top to force top scorer Pierre-Emerick Aubameyang onto the wing.
Arsenal also interested in Bayer Leverkusen forward Kevin Volland who is reportedly seen as an ideal fit for Arteta’s system but the Germans want to hand their star a new long-term contract.
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