According to L'Equipe (h/t Metro), the Gunners are at the front of the queue for the £60 million-valued forward, whose agreed move to Atletico Madrid fell through because of Los Rojiblancos' transfer embargo which will prevent them from registering new players until January.
Lacazette previously held ambitions of playing in the UEFA Champions League, but has since softened his stance and admitted he is open to joining a club in the UEFA Europa League.
Speculation was rife on Friday because of reported quotes from Lyon president Jean-Michel Aulas.
The Independent's Jack Austin reported him as saying: "Lacazette was told he could leave. We had negotiations with Atletico. Things did not work out. We now have a very nice offer from Arsenal. But for us he will not leave."
Meanwhile, according to Get French Football News, he said: "Lacazette was told he could leave… we had negotiations with Atletico. Things did not work out. I don’t have any offers right now. I don’t know if he wants to leave."
Bleacher Report's own James McNicholas cautioned against believing the reported quotes, though French football writer Philippe Auclair noted Aulas has been inconsistent in his stance on Lacazette:
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