The forward moved to the Emirates in 2017 but has been in and out of the first team picture throughout.
His quality has never been in doubt yet he has been unable to nail down a regular start.
Pierre-Emerick Aubameyang has long been Arsenal’s main marksman and Lacazette will soon enter the final year of his contract.
It means the Gunners must decide whether to cash in this summer with interest rife in the Frenchman.
Atletico Madrid were linked with Lacazette before his switch to north London and they are again keen.
Lacazette has scored 13 times this term for Mikel Arteta’s side but the Spaniard admits everything is on the table in the summer.
He said: “We are planning everything for the summer, the same with the board, with [chief executive] Vinai [Venkatesham], with [non-executive director] Tim [Lewis], and with the owners.
“We are very clear on how we want to do it.
“When you have to change 10 or 12 things in one window [as in January] it’s a lot, and that has some consequences with what has happened in previous months and what is going to happen in the following months.
“We still have to do quite a lot of things to do, but we will get to the point, hopefully, where it’s just ticking off a few things and the stability is there, because you need that as well to be consistent and be competitive.”
Arteta said earlier this year that Lacazette’s contract situation would be discussed at the end of the season.
Arsenal have a chequered history when it comes to letting players leave on a free and will be keen to avoid a repeat.
[email protected] (Samuel Meade)