Arsenal set for summer showdown over top striker
Arsene Wenger, should he stay, is expected to be handed a £200million transfer kitty to splash out on players in the summer.
Lacazette is a long-standing target for Arsenal, and they had a £29.3million offer rejected last year.
Atletico Madrid are also tracking the 25-year-old as a potential replacement for Antoine Griezmann, the Daily Mirror claim.