The Belgian midfielder has been of interest to the Gunners after the departure of Cesc Fabregas to Barcelona.
Despite the reported price tag, the Ligue 1 side are hopeful of holding on to their playmaker.
“I am not sure he wants to leave anyway,” talkSPORT quotes club president Michel Seydoux as saying. “He knows his status here and at a large club there is much more uncertainty."
Meanwhile, Wenger may face additional punishment from UEFA after appearing to send messages to his assistant Pat Rice during the club’s 1-0 win over Udinese in the Champions League play-off yesterday (Tuesday).