Arsenal have also been keeping tabs on another Lyon star Nabil Fekir who is reportedly keen to move to Premier League.
Lacazette who has netted 27 goals in 33 games is now being eyed by local side Paris Saint-Germain.
The 23-year-old has netted 23 goals in 26 Ligue 1 appearances.
PSG are eyeing him as Edinson Cavani’s replacement who is expected to leave the club in the summer. Liverpool and Arsenal both have shown interest in the Uruguayan. PSG are also planning to offload Ezequiel Lavezzi this summer.
However, Arsenal could win the race as PSG will not sign him until they offload either Cavani or Lavezzi. Also, Lyon would not prefer a move to their rivals, rather they will send them away from France.
Reports also suggest that Liverpool boss Brenden Rodgers who is keen to bolster his attacking area is also keeping tabs on Lacazette's situation.