Arsene Wenger is keen to bring a big name striker into the club and has also been strongly linked with a move for Monaco’s teenage superstar Kylian Mbappe.
With uncertainty surrounding the future of star forward Alexis Sanchez, the Arsenal boss wants to strengthen his forward line and give them every chance of competing for the title once again next season.
Lyon president Jean-Michel Aulas has confirmed that Arsenal have made an offer to sign Lacazette who was one of the best strikers in France last season scoring 37 goals in just 45 appearances.
Atletico Madrid appeared in pole position to clinch a move for the French forward but the move broke down after the Spanish club were hit by a transfer ban.
Arsenal are now hoping to capitalise but they could face a major battle after Aulas said the club have now had a change of heart on wanting to keep their star forward.
Aulas said: “Alexandre 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.”