The Frenchman is reportedly wanted by Barcelona this summer, according to reports.
The Mirror has now added Atletico Madrid to the list of suitors eager to sign the former Lyon man.
Gunners boss Unai Emery often preferred to start Pierre-Emerick Aubameyang instead of Lacazette when deploying one striker last season.
And with Arsenal failing to qualify for the Champions League, Lacazette is open to ending his time at the Emirates.
Atleti would be able to fund a move for the 28-year-old once they sell fellow Frenchmen Antoine Griezmann.