Liverpool were reported as being favourites to win the battle for Lemar's signature but bookmakers rate Arsenal as equally likely to complete the massive deal, with odds of 4/1 for it to happen.
But it was said that Lemar turned down the move to the Emirates Stadium on deadline day and consequently the Gunners also blocked the departure of Sanchez to Pep Guardiola's side.
But given Lemar was a target for Liverpool towards the end of the summer transfer window, it seems likely he would remain on the radar following Coutinho's exit.
After contributing to 31 goals in all competitions for Monaco last season (14 goals, 17 assists), the Frenchman has endured a slightly more subdued time on the pitch this campaign, scoring twice and making four assists in Ligue 1.
"The thing is that in the summer he was definitely closer to joining Arsenal than Liverpool". If I stay here for 10 years I want Lemar to stay with me for 10 years.
And according to the Mirror, Monaco would be seeking an eye-watering fee of at least £90 million if they were to sell the 22-year-old. "He's got a lot of qualities and I like him a lot".
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