The Frenchman has rejected the offer of a new deal with the Gunners.
Arsenal offered Lacazette a one-year extension but he is searching for a long-term deal elsewhere.
He is now set to return to Lyon, the club he left for England in 2017, in what was then a club-record arrival of £46.5million.
Lyon president, Jean-Michel Aulas, has already said they will “do their best” to bring the 30-year-old back in June.
And now director Vincent Ponsot further confirmed their interest.
“We’ve seen the maturity that he’s acquired,” Ponsot said.
“We’ve always remained in contact with him. But bringing in big players is always complicated.”
This means Lacazette will follow his close friend, Pierre-Emerick Aubameyang, out of the club this year.
Lacazette replaced Aubameyang as captain, after the Gabon international was stripped of the armband in December.