Thomas Lemar was interested in joining Arsenal and Liverpool, according to Monaco vice president Vadim Vasilyev.
Both Premier League clubs made bids for Lemar during the summer but Monaco kept the player.
“It was not easy. Thomas wanted to go to Arsenal and to Liverpool, but we had discussions and we took a communal decision so that he could stay here,” Vasilyev told TASS.
“He is a very important player for us. We could not have sold him, it would have affected the entire team and the individuals.”
The 21-year-old has three years left on his current Monaco contract and enjoyed a stellar season in 2016/17.
He scored 14 goals in 55 games, while also providing a number of assists as Monaco won the Ligue 1 title for the first time in 17 years. He has also started the new season well, scoring a screamer as France beat the Netherlands on Thursday.