The Sky Sports News reporter is claiming that Arsenal are still in talks with the French side about the possibility of bringing the 21-year-old attacker to The Emirates this summer.
Arsenal have been relentlessly linked with a move to sign Lemar for much of the summer and it is claimed that the Gunners have so far had bids of £30m and £40m rejected by the Ligue 1 club.
Now, Magee claims that the north Londoners are still poised to be able to clinch a deal for Lemar if they are prepared to up their bid by a further £50m.
Speaking on Sky Sports News on Friday morning, Magee said: “This is a deal that appears to be more than talk at this stage.
“We are told that discussion are ongoing between Monaco and Arsenal over the transfer of attacking midfielder Thomas Lemar.
“Arsenal have already had two bids of £30m and £40m rejected for the player. The Ligue 1 side are thought to be holding out for £50m.”
Arsenal are currently gearing up for their crunch Community Shield clash against Chelsea at Wembley on Sunday as they look to win the first trophy available to them this season.
The Gunners will be looking to improve their Premier League form next term after they ended up in fifth place in the table last season and missed out on a place in the Champions League.
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