Premier League giants Arsenal have been handed a huge transfer blow as Lyon striker and Gunners transfer target Alexandre Lacazette has been tied down to a new contract by the French club.

Arsenal’s summer, in more ways than not, has been a pretty underwhelming one. With only one major signing until the last week of the window, things had gone from bad to worse for Arsene Wenger.

Despite making late moves in the market to tie down Shkodran Mustafi and Lucas Perez to long-term contracts, it was a pretty ordinary summer for the Gunners. Also, given the signings made by their fellow title contenders, Wenger may see his side miss out on a top four berth for the first time in a number of years.

All summer, Wenger has been on the lookout for a quality striker who would bolster his attack, but failed in his efforts to sign one. Jamie Vardy and Gonzalo Higuain were two strikers linked closely with moves to Emirates.

Another name that heavily rumoured to join Arsenal was Lyon striker Alexandre Lacazette. Doing rounds in the back pages for a couple of years, the French striker has now been one of the most talked about players in world football.

Lyon's French forward Alexandre Lacazette kicks a penalty during the French Ligue 1 football match Olympique Lyonnais (OL) against Caen (SMC) on August 19, 2016, at the Parc Olympique Lyonnais stadium in Decines-Charpieu near Lyon, southeastern France. / AFP / ROMAIN LAFABREGUE (Photo credit should read ROMAIN LAFABREGUE/AFP/Getty Images)
Lyon’s French forward Alexandre Lacazette kicks a penalty during the French Ligue 1 football match Olympique Lyonnais (OL) against Caen (SMC) on August 19, 2016, at the Parc Olympique Lyonnais stadium in Decines-Charpieu near Lyon, southeastern France. (Photo by ROMAIN LAFABREGUE/AFP/Getty Images)

Wenger, in dire need of striking options turned to Lacazette as a solution to turn things around for his side, but to no avail. The striker rebuffed an interest from the North London side to stay put for another season in France.

According to L’Equipe (h/t Bleacher Report), the striker has been offered a new contract at Lyon that includes a whopping buy-out clause of £59 million. The details of the contract are as follows:

Lacazette, 25, has been offered a new £85,000-a-week deal at the Ligue 1 side.

The new contract includes a £59 million release fee, meaning the Gunners would need to almost double the £30 million bid they lodged this summer to land him in January, should he accept.

Lyon will be hoping the improved salary will tie down Lacazette to a new deal after he reportedly told the club he wished to leave during the summer.

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