The Frenchman is presently in his fourth season with the Gunners, and he has been a quality performer with 61 goals and 28 assists from 162 outings.
He has been one of their best performing players in the back end of the current season, but the club have yet to open negotiations over a new deal.
His existing contract expires in June next year, but manager Mikel Arteta has regularly stated that talks will be delayed until the summer.
It is now reported that the north London giants are ready to sanction his sale as they aim to raise funds to reinvest on new players.
Lacazette is said to have plenty of admirers with Inter, Atletico, Roma and Sevilla in the running to land his signature this summer.
Lacazette has been a positive influence for the Gunners since Boxing Day, accumulating eight goals and two assists in the Premier League.
He has impressed with his hold-up play and work rate, but the club are wary of offering him a new long-term deal at the age of nearly 30.
Former star Mesut Ozil had an immense decline after signing a bumper contract, while Pierre-Emerick Aubameyang has not been at his best since extending his stay.
They have also struggled to get the best out of Willian. The 32-year-old was handed a three-year deal on his free transfer from Chelsea last summer.
On that basis, they may be better off cashing in on the striker, whose performances over the past few months could help to boost his transfer value.
He is valued at £31.5 million by Transfermarkt but could be sold for a lesser sum as he will enter the final year of his contract by the next transfer window.
Stats from Transfermarkt.com