The France worldwide has been linked with a move to the Emirates for some time as uncertainty over his Barcelona future continues.
The Catalan outfit is also interested in Welsh midfielder Aaron Ramsey with reports this week suggesting the two players could go in opposite directions as part of a swap deal.
Arsenal fans are convinced that Ousmane Dembele will sign for the club after the young Frenchman was spotted having dinner with Pierre-Emerick Aubameyang and a number of the Gunners' squad. The Welshman is at loggerheads and is yet to sign a new contract with the Gunners, despite being reportedly close to agreeing one.
PAY ATTENTION: Stay updated with the latest EPL news, fixtures, standings and odds with TUKO.co.ke According to Sport (Spain), Dembele was less than impressed with his club's decision to sign a direct competitor in this summer's transfer window.
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Dembele is believed to be concerned for his future at Barcelona after the Spanish giants spent £36.5million on Malcom, while he had a mixed first season at Camp Nou under Ernesto Valverde.
Before his £97million move to Barcelona, Dembele was teammates with Aubameyang at Dortmund and is familiar with Lacazette in the French national team.
Since then he has made 327 appearances, scoring 58 times and winning three FA Cups.
And Football London say Barcelona have been contacted about Dembele by Arsenal chief Mislintat.