Arsenal are in advanced talks for, reports state, although no fee has yet been agreed.
With hopes of signing Monaco's Kylian Mbappe - a Real Madrid and Paris Saint-Germain target - fading, Arsenal manager Arsene Wenger hopes to convince another of Ligue 1's star forwards to play at the Emirates Stadium.
Lyon president Jean-Michel Aulas has confirmed talks have been held for Lacazette at a media conference introducing the signing of Mariano Diaz from Real Madrid, but said no deal has been reached.
"There are exchanges and it's true that Arsenal are pressing," Aulas told RMC. "But the moment has not come. I am not ready to give an agreement in the current conditions to Arsenal."
The Gunners are €4m away from Lyon's valuation of Lacazette, 26, and negotiations look set to continue over the coming days as Arsenal hope to seal the deal for the France international.
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