Manager Arsene Wenger, has turned his focus to the 26-year-old, after not making much progress in his pursuit of Monaco striker, Kylian Mbappe.
The Gunners saw their first bid turned down, but Lyon president Jean Michel Aulas, has hinted that a deal could be done in “one or two days”.
“The first offer made by Arsenal was €45m. The deal will happen for something between €45m and €50m.
“To be close to €50m is something unique, and will be without a doubt a record for Arsenal and a record for Lyon absolutely,” he told French media on Sunday.
L’Equipe reports that Lacazette will now fly to London on Tuesday or Wednesday.