Lemar has long been linked with a transfer to the Premier Leagueand was once a primary target for Arsene Wenger.
Atletico won the race to sign Lemar back in 2018, paying over £50million for the forward, but the Frenchman has struggled to live up to his price tag in Spain.
El Chiringuitoclaim Ateltico want to offload Lemar to raise funds to sign Edinson Cavani from Paris Saint-Germain.
Arsenal were declared the frontrunners and are now ‘close’ to securing a deal for Lemar.
Mikel Arteta is keen for reinforcements this month, but the Arsenal board are restricted by a limited transfer budget after a busy summer window.
Arsenal are thought to be exploring loan deals with possible options to buy and could seal a double signing before the window closes next week.
Flamengo star Pablo Mari has flown to Londonto complete a move to Arsenal.
The central defender was accompanied by Arsenal chief Edu on the flight to London after a breakthrough in talks on Friday night.
Arteta was asked about potential signings in his press conference ahead of Arsenal’s FA Cup game this weekend, but refused to comment on any names.
‘I’m not going to be discussing any transfer links publicly,’ said the Spaniard.
‘It’s something we are trying to do internally and when we have news we will communicate with you guys.
‘We are looking at different positions, obviously since I joined we lost Calum [Chambers] and we had other circumstances and injuries in that position so it’s true that at the back we have been short.
‘There are other positions as well, depending on what happens in the market that we might need to assess.
‘At the moment I am 50/50 [on signings] because this transfer [window] is very complicated and I only want to bring somebody in if I’m convinced he can really improve the level that we have.’