Lyon president Jean-Michel Aulas said on Thursday that promising right back Malo Gusto will stay at the club and not join Chelsea this month.
"I have the pleasure to explain that Malo Gusto, one of Lyon's big talents, will continue to play for Lyon until at least June 30 2023" Aulas said on social media.
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Chelsea made a €20 million offer for the France under-21 defender on Wednesday but Lyon rejected it. They want close to €40m for their homegrown player.
Gusto, 19, is out of contract with Lyon in June 2024. He has already agreed personal terms with the London club for a six-and-a-half-year deal and wants to move to Stamford Bridge.
Sources have told ESPN that talks are still going on between the two clubs on Thursday.
Aulas closing the door on a potential move could be seen as him trying to put pressure on Chelsea to increase their first offer and agree to let Gusto stay at Lyon on loan until the end of the season, which Chelsea have refused to agree to so far in the negotiations.
Gusto has now played 47 times already with Lyon, his hometown club, including some European games and he is also on Didier Deschamps' radar for the national team after having represented France in every youth team. Gusto is a very attacking right back with great pace and crossing ability.