Arsenal had accepted a £60m offer from Manchester City for Alexis Sanchez and had lined up the France international as the Chilean’s replacement.
But Arsene Wenger’s side pulled out of the deal for Lemar as they believed that there wasn’t enough time to complete the transfer.
Liverpool had also targeted a late move for Lemar and reports claimed that the 21-year-old snubbed Arsenal in favour of a move to Anfield.
Thomas Lemar breaks silence after rejecting Arsenal’s £92m transfer
Lemar sums up Arsenal’s transfer window by robbing Lacazette’s goal in France clash
Lemar scored twice in France’s 4-0 win over Netherlands on Thursday evening and after the match, the midfielder stressed that he is focused on the season ahead with Monaco.
‘I am a Monaco player and I am very happy there,’ he told Canal Plus.
‘Now I am going to go and have a good season with my club, try to keep progressing and advancing in my career.’