However, providing an update on the long-running transfer saga on Friday, Aulas played down claims that Aouar is close to making a move to the Emirates Stadium.
Asked by football journalist Chris Wheatley if he believes that Arsenal will sign the 22-year-old, Aulas said: "No, I don't think so.
"There is no offer yet. It seems that Arsenal don't want to, or can't invest the price for Houssem, who is our best player."
Aouar has spent his entire career with Lyon, making 139 appearances for the French side in all competitions.