Lyon president Jean-Michel Aulas does not expect Arsenal to return with an improved bid to buy Alexandre Lacazette amid reports that Paris Saint-Germain could also make a move for the striker.
Earlier this week, Lyon confirmed that they had rejected Arsenal's offer of €35 million for Lacazette, 25, who scored 21 goals in Ligue 1 last season.
Aulas recently said that the academy graduate is "irreplaceable" and he is now confident that only winger Rachid Ghezzal could leave before the close of the transfer window.
"Arsenal have not come back [with another offer] and they will not come back," Aulas told L'Equipe. "No one will leave OL, except for Rachid Ghezzal if he has an offer, which I doubt."
Lacazette, who was named on standby for France's Euro 2016 squad, has a contract with Lyon that runs until 2019.
L'Equipe reported on Friday that PSG, who want another forward to support Edinson Cavani, could also bid to sign Lacazette.
However, the paper also claims that the firm position taken by Aulas could mean the French champions will turn their attentions to Real Madrid's Jese instead.
Lyon will feature in the Champions League group stages again after finishing as runners-up to PSG in Ligue 1 for the second year running. Having already sold centre-back Samuel Umtiti to Barcelona, they do not want to lose any more key players.