Le10 Sport report that discussions are currently taking place between Aulas and Arsenal representatives about Lacazette and that the Gunners are considering the part-exchange proposal.
Lacazette has a €60million (£52.9m) buyout clause in his contract which Aulas has repeatedly stated a club will need to meet if they want to sign the 26 year old.
The Daily Telegraph report that the striker is one of three French players that Arsenal boss Arsene Wenger is pursuing this summer with ambitious moves also planned for Monaco pair Kylian Mbappe and Thomas Lemar.
At this time, Lacazette looks the likeliest to make the move to the Emirates after his move to Atletico Madrid collapsed due to the La Liga side’s transfer ban. Whether the Gunners will consider making Giroud as part of the deal however, we will have to wait and see.