There has been speculation all season that Lacazette could leave this summer, with the French forward’s contract set to expire at the end of next season.
If Arsenal decide to sell the 29-year-old is sold, it is expected he would fetch around £15million to £20million.
And Arsenal are in the race to land Celtic striker Odsonne Edouard this summer, according to The Telegraph.
The publication claims the Gunners are optimistic they can sign the 23-year-old from under the noses of Leicester, who remain the favourites to land the striker.
France under-21 international Edouard joined Celtic on loan from PSG in 2017 before signing a permanent basis a year later.
Meanwhile, Arsenal’s spending power this summer will also be determined by the final few weeks of the season.