The Gunners are preparing to splash the cash after a week of intensive negotiations with the French club.
Lacazette is set to put pen-to-paper on a five-year contract as the deal approaches its conclusion.
That’s according to French TV station Telefoot.
Arsenal chief executive Ivan Gazidis revealed earlier this week that they would be targeting quality not quantity this summer.
He said: “We signed one of the players in the Bundesliga team of the season [Sead Kolasinac].
“We’re looking for top quality additions.”
Yesterday reports claimed the France international had agreed terms with Arsenal.
L’Equipe said Lacazette has already been replaced at Lyon as they prepared for the striker’s departure.
Mariano Diaz has been brought in from Real Madrid as Lacazette edges towards the exit door.
If the deal goes through he will become Arsenal’s most expensive player ever, eclipsing Mesut Ozil’s £42.5m transfer from Real Madrid in 2013.
Lyon president Jean-Michel Aulas has confirmed that talks were ongoing between the two parties.
He said: “The moment hasn’t come to reach an agreement with Arsenal under current conditions (offered).”