Following his performances in the latter stages of the Champions League with Lyon, speculation grew that he could be set for a big move to the Premier League, with Man City and Arsenal reportedly leading the race for his signature.
While no official approach came from Pep Guardiola's side, Arsenal sent a few transfer offers for the young Frenchman.
However, the valuations were labelled as "timid" by the Lyon president, who promptly rejected them.
In the end, no compromise could be reached, with Arsenal subsequently signing Thomas Partey for £45m instead.
Aouar is not downtrodden by the breakdown of the transfer, though, and insists he is happy at Lyon, the club he loves.
“I am in the headspace to have a great season with my club and get back the points that we have lost," the 22-year-old told reports while on international duty with France.
"So of course we are going to try to do the best season and to try to put the team and the club back in its rightful place, at the top of France.
“Disappointed? I am the opposite. I am at home, in the club that I love, with my friends and my family.
“So certainly I have all my bearings and it is giving me even more motivation to have a good season and to bring the club back into the top places in France.”
Aouar started France's 7-1 friendly victory against Ukraine during the week, with Les Bleus preparing for two upcoming Nations League matches against Portugal and Croatia.