And now The Telegraph claim the French club are also planning to increase Lacazette's price tag to £60m, which will end Arsenal's hopes of signing the France international.
The Gunners are desperate to sign a new striker this summer.
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Wenger has already failed in a move to bring Leicester striker Jamie Vardy to the Emirates.
And with Olivier Giroud missing the start of the season following his exploits at Euro 2016 and Danny Welbeck ruled out until at least next year through injury, Wenger remains in the transfer market.
Lacazette scored 21 goals in 34 league appearances last season, and is under contract with Lyon until 2019.