The English side must pay a whopping £42million if they want to pen a deal with the forward, but the Gunners are unwilling to pay the asking price for the France international.
According to Daily Mail, Lyon has revealed that the 25-year-old does not have a release clause.
Lacazette's impressive performance in the 2015/2016 campaign has sparked interest from not only Arsenal but also West Ham, Tottenham, and Atletico Madrid, as the Ligue 1 club will be hoping his signing develops into an auction.
Arsene Wenger's men will kick-off their Premier League season with a visit from Liverpool on August 13th.