The Gunners were strongly linked with the Frenchman over the summer but could not come to an agreement with Lyon over a transfer fee and ultimately signed Thomas Partey from Atletico Madrid.
Aouar still has two and a half years left to run on his contract in France, while he has started the 2020-21 campaign in strong form, contributing one goal in five appearances.
However, according to football.london, should the Gunners manage to offload some players and trim their wage budget in January then they could 'test the water with Lyon again'.
The report claims that a new approach for the 22-year-old cannot be ruled out as Mikel Arteta looks to put together a squad capable of challenging for silverware.
Aouar made his debut for France in their friendly with Ukraine earlier this month.