The France international has struggled to make an impact at Atleti.
The Gunners were said to have made a proposal to loan the 24-year-old. Atleti, however, are only interested in selling the player for around £40 million.
Lemar has failed to make an impression at Atleti. However, much of that could be down to Diego Simeone’s style focusing on a deep, compact and defensive team.
In a more attack-minded side, the winger could thrive. Prior to his move to Atleti, he posted 11 goals and 18 assists in 55 league starts for Monaco.
Arsenal may be looking at him to bolster their attacking options with Pierre-Emerick Aubameyang, Nicolas Pepe and Alexandre Lacazette leading the line.
Tottenham, meanwhile, have struggled to cope without influential duo Harry Kane and Son Heung-Min who both are out injured.
Jose Mourinho’s side have managed just five goals in their last six games, prompting a winless run of three Premier League matches and an exit from the FA Cup and Champions League.
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