Mikel Arteta recently brought in Porto star Fabio Vieira to bolster Arsenal's midfield ranks, with reports also linking the Gunners with a move for Youri Tielemans from Leicester City.
Paqueta has been another name reportedly of interest to Arsenal, but the Gunners could face stern competition for the midfielder's signature from Newcastle and Tottenham.
Newcastle, backed by the financial power of their Saudi Arabia-led ownership, attempted to sign Paqueta in January after their takeover, but were only successful in acquiring Lyon team-mate Bruno Guimaraes.
Paqueta could follow a similar path to the impressive Guimaraes should he opt to move to St. James' Park, though the lure of Champions League football may make Spurs more appealing.
Brazil international Paqueta has three years left on his contract after he arrived from Milan in 2020, but Aulas conceded Lyon may lose their prized asset.
"There are proposals for him," Aulas said.
"There are certain players who can feel complete in the project, and others who don't. Economically, we have the means to pursue our ideas and objectives.
"The coach gave us his opinion and there is also what the players wants to do."
Paqueta may prove a dominant creative force for whichever club he chooses, having created the most chances (41) and recorded the most assists (six) of any Lyon player in the 2021-22 Ligue 1 season.