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.
However, with Liverpool losing Philippe Coutinho after a long and drawn out battle with Barcelona and Arsenal potentially seeing both Alexis Sanchez and Mesut Ozil leave the club, both clubs could use Thomas Lemar to fill the gaps.
Although Arsenal boss Arsene Wenger has failed to rule out a move for West Brom defender Jonny Evans, he has told Sky Sports that if Manchester City join the race then the Gunners will come out "second best".
Monaco coach Leonardo Jardim has said they do not want to make winter sales, but admitted he has to be ready "for anything and everything" with Liverpool and Arsenal still reported to be interested in Thomas Lemar.
Lemar was the subject of huge interest during the summer transfer window and Premier League outfit Arsenal were believed to have offered around £90million to acquire his services.
Liverpool - as well as Arsenal - were heavily linked with a swoop for Lemar in the summer window but a deal never materialised.
They also credit Arsenal with an interest in Lemar, with their bid in August setting "the starting point for any new negotiations". With surging interest of the top clubs in their prized possession, Monaco have made a decision to encash big on Lemar and have demanded a whopping £90 million for his services.
In Liverpool's case, the British record deal to sell Coutinho to Barcelona has seemingly set a precedent, and Monaco are said to be of the belief that "Lemar's value has also risen".