The Frenchman's current deal with the club is due to expire at the end of next season and for months now, there has been much speculation with regards to the player's future.
The Gunners have been criticised over the years for allowing players to run down their contracts and their failure to protect the sell-on value of some of their assets has seen the club miss out on significant transfer funds. With regards to the 29-year-old's situation, the club now finds itself at a crossroads.
According to Chris Wheatley, it appears Arsenal are planning to offer him a contract extension which would see him remain at the Emirates until 2023. But if a sizeable offer was to come in for the former Lyon man - given the Gunners' current financial state - they may yet be tempted to sell.
As reported by 90min last month, Inter, Roma, Sevilla and Atletico Madrid have an interest in the striker. Wheatley adds that Lacazette's agent is currently speaking with teams in France, Spain and Italy.
Interested clubs are likely be keeping a close eye on Lacazette's situation given there is no guarantee he will accept the one-year extension expected to be presented.
Having joined the club from French football in July 2017 for just shy of £50m, Lacazette has made 169 appearances for the north London outfit, scoring 65 goals and providing 28 assists.
On a personal level, the forward has had a semi-successful campaign and with many preferring him to Pierre-Emerick Aubameyang in the centre-forward position, he may feel he is deserving of a longer extension. So while the Gunners appear willing to extend Lacazette's stay - there's no guarantee he won't feel, with his 30th birthday on the horizon, he can do better elsewhere.