The 25-year-old has been a long-term target for the Gunners since last summer, with Arsene Wenger said to be a long-term admirer of the forward’s abilities and even tried to sign last summer with a failed bid of £28million.
The Frenchman has continued in his strides with Lyon, setting himself up as their star performer this season increasing his goal tally to 127 in 274 appearances for French giants.
It is understood that Arsenal will return for the Lacazette’s signature this summer as they looks to bolster their ranks,and Aulas has revealed the player is free to leave the club.
He said: ‘Alex had a good option with a club that is in his heart [last summer],
‘If the club of his heart is able to match our demands – as Barcelona did last season for Sam Umtiti – then things will go well. Otherwise, it will depend on our other business.
‘But if any players feel that this club is not big enough for them, we will look for others who are just as strong but have the right mentality as well’
Liverpool and Atletico Madrid have also been credited with interest with Alexandre Lacazette with reports that the player wants to play in the Champions League.