The France international is expected to cost the Gunners £46m, though the deal could rise to £52m.
The transfer will shatter Arsenal’s current record fee of £42.5m for Ozil in 2013.
With personal terms a formality, Lacazette has travelled to London to complete his medical with the club and the striker could be an Arsenal player as early as Tuesday.
Arsene Wenger’s side attempted to sign the 26 year-old last summer, but the offer was rejected by Lyon. Despite dropping into the Europa League, the boss has managed to lure one of his top transfer targets.
Arsenal will be boosted with the news the prolific striker is set to sign for the club. Rumours of Alexis Sanchez making the switch to Manchester City continue to mount, with the Arsenal star choosing to remain coy on his future.