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Spurs' current number one, Brad Friedel, turned 41 in May and France stopper Lloris would provide manager Andre Villas-Boas with a much younger alternative.
But Aulas says Lyon have turned down the Premier League club's bid for the France international, telling French radio station RMC: "Hugo wants to play in one of the best clubs in Europe.
"This year there was an approach from Tottenham that was quickly rejected.
"If he absolutely wants to leave, we will look at the proposals but they must be consistent with what we want. If not, he will stay."
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