Lyon have told Arsenal that Alexandre Lacazette will cost them a fee of €55million (£48.7million) plus €12million (£10.6million) in add-ons this summer.
According to the UK Telegraph, both clubs met recently to discuss a possible transfer for the 26-year-old.
Lacazette, who is expected to play in Tuesday night’s friendly against England in Paris, is emerging as a firm target for Gunners boss Arsène Wenger, who tried to sign him last year.
Against England, Lacazette will play alongside Kylian Mbappé, who has also been the subject of interest from Arsenal.
Wenger has already indicated to Monaco that the Premier League club is prepared to pay €100million (£88.5million) for the 18-year-old. The offer has been rejected.