Writing for the French website, Francky Bery reports that the Gunners are ready to make a substantial offer for the 26 year old if they lose Alexis Sanchez this summer.
Lacazette has agreed a move to Atletico but the Spanish club are banned from making any transfers in the summer transfer window. The La Liga side are hoping an appeal to the Court of Arbitration for Sport will overturn the ban next month.
If they fail though, Jeunes Footeux say that Arsenal will look to make an offer, with Lyon president Jean-Michel Aulas willing to do a deal with the Gunners.
On top of the Atletico deal however, there is also another obstacle to overcome. Lacazette will certainly need some convincing to move to a club who don’t have Champions League football next season.