These reports have since been confirmed by the British media.
There's suggestions Nabil Fekir's move from Lyon to Liverpool was called off from the English end of the deal.
According to French newspaper l'Equipe, the attacking midfielder had decided on his number with the transfer all but complete.
The uncertainty carried into Saturday - much to the annoyance of France boss Didier Deschamps, who wants all of his players to have solved their futures before travelling to Russian Federation for the World Cup.
France Football Association president Noel Le Graet had suggested the move was nearly completed - according to reports in France - before Lyon's announcement.
"Olympique Lyonnais categorically deny having received an offer of €48million from Arsenal for the transfer of Alexandre Lacazette, as Le Progres report this morning".
"It's under negotiation, I think it will be done".
"This does not prevent him from being very concerned by the France team".
A deal worth up to £60m now appears to be off the cards for good, however, with Lyon deciding to pull the plug at the last minute after Liverpool reportedly attempted to lower the agreed fee. The Olympique Lyonnais forward has been linked with a move to Merseyside for a long time now and looks all set to embark on a new journey as he makes the highly anticipated move this week.
The French global will not be bracing the pitch at Anfield next season as a proposed £60 million move has fallen through at the last minute.
With France being one of the hotly tipped favourites for the tournament, it could be a while before Liverpool and Lyon return to the negotiating table.
He wrote: "We love you Nabil, come on France, come on Lyon!".