According to French tabloid Téléfoot Chaine, both Juventus and Barcelona are yet to submit any offer for the 23-year-old.
However, Arsenal will continue to hold talks with the French outfit in a bid to hopefully complete the deal.
Earlier this month Arsenal offer a player-plus-cash offer for Aouar which include Matteo Guendouzi who as falling out of favour with manager Mikel Arteta.
But the English club are already planning to offer the French team an improved offer.
The 22 year old came through Lyon’s famous academy and has made over 97 appearances in all competitions since making his first team debut in February 2017.
The midfielder could also fancy a move to Arsenal because Lyon will not take part in any European club competition next season having finished the league on 9th position last season.