Lemar has been offered a new contract and has been encouraged to stay with the French side for at least one more year.
An official announcement is expected when Arsenal return from their tour of Australia and China: Monaco have asked Arsenal to wait - with medicals, official pictures and his presentation to be delayed until they find a replacement for the French youngster.
"People have a big imagination", Wenger said after Arsenal's 3-1 win over Western Sydney Wanderers, as quoted by the Independent.
"What we know now about Mbappe is that it's over 100 million".
The Monaco exit of Tiemoue Bakayoko to Chelsea and the likely departure of Benjamin Mendy mean a deal for Lemar is looking increasingly difficult.
"But we have not made an offer". However, while the critique of his dislike for spending is a little harsh, what cannot be doubted is the way in which he conducts his business is unwavering and unchanging.
Arsene Wenger has insisted that Chamberlin will stay at Arsenal despite interest from Liverpool.
Arsenal manager Arsene Wenger says reports claiming the Gunners have offered £123million to sign Kylian Mbappe are false.
A host of elite clubs have been keeping tabs on Mbappe's situation following his breakthrough season in Ligue 1.
Mbappe failed to beat Lee Grant with a great opportunity, while Diouf had a goal ruled out for offside at the other end but, with the match hanging in the balance, two Monaco goals in four minutes midway through the half proved decisive, as Falcao stretched to tap in Djibril Sidibe's right-wing cross before N'Doram's tap-in from Gil Dias' assist wrapped up the scoring.
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