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As a result of their lowest league finish in 25 years - with no European football to play next season - Gunners boss Mikel Arteta has reportedly been told that he has £250m to use in a huge transfer rebuild for the club.
The acquisition of Aouar will, almost certainly, bolster Arteta's midfield, especially with Matteo Guendouzi set for a move to Marseille on loan and Granit Xhaka potentially joining Jose Mourinho's Roma.
But despite being heavily linked with the Lyon talisman for the last couple of seasons, they could now be set to miss out on the midfielder.
The Gunners reportedly failed to meet Lyon's £55.5m asking price for the 23-year-old in last year's summer transfer window, but Lyon have since lowered his price tag to just £25m this time around.
Now, according to French media outlet Le10Sport, the north London outfit have made an opening bid of £17m - opening the door for their neighbours Spurs to make their move, too.
Being told that Tottenham have now also entered the race for Houssem Aouar. Arsenal are still keen on the Lyon playmaker but Spurs are in the conversation too now.
- Julien Laurens (@LaurensJulien) July 15, 2021
Ahead of Nuno Espirito Santo's first full season in charge, Spurs will be looking to bolster their midfield options and Aouar will be, without a doubt, a player that fits just that bill.
Spurs are also reportedly happy to pay Lyon's asking price of £25m, blowing Arsenal's £17m bid out of the water and hijacking their arch rivals' deal in the process.
With European football on the horizon for Spurs this season, could they pip their loathed rivals at the line and secure Aouar's sought-after signature? Only time will tell.
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