The Gunners are set to trigger the release clause in French striker Alexandre Lacazette’s contract after being priced out of a move for Spanish striker Alvaro Morata.
Lacazette recently snubbed offers from London rivals West Ham United as he aims to play for a top European club that will offer champions league football.
The Lyon striker was heavily linked with a move to the English Premier League last season before he later chose to sign a long-term deal with the French Ligue 1 outfit. The 25-year-old striker has since kept up his performance levels, leading to claims that he could seek a fresh challenge out of th French League very soon.
According to trusted sources, Lacazette is keen on a move to the English Premier League only if he gets offer from a club that will play in the Uefa Champions League next season.
Arsenal has been long-time admirers of the striker, and it is thought they are open to activate his £34m release clause this summer transfer window.
Arsene Wenger tutored side were previously interested in Spanish star Alvaro Morata until they were put off by Real Madrid’s £57m asking price. The French international striker has scored 76 goals in his last three Ligue 1 seasons for the French club.