Lyon Front Office
Alexandre Lacazette entered the Lyon academy as a 12-year-old for the 03-04 season.
Alexandre Lacazette is expected to travel to London on Monday to finalise the deal, which is set to eclipse the £42m Arsenal paid for Mesut Ozil in 2013.
Olivier Giroud is believed to prefer remaining with Arsenal despite his lack of regular playing time.
The transfer would beat the £42.5 million fee Arsenal paid Real Madrid for Mesut Ozil in 2013.
Lyon president Jean-Michel Aulas says the collapse of Alexandre Lacazette's move to Atletico Madrid is "good and bad news" for his club.