Arsene Wenger is exploring other targets after failing in an attempt to sign the England international Jamie Vardy.
The Gunners are determined to sign a striker this summer and the likes of Lacazette and Gabigol are all being looked at.
Recent reports claim that Wenger is interested in the Brazilian striker Gabriel Barbosa.
The 19 year old Santos striker is regarded as one of the best talents in South America right now and is rated as highly as his compatriot Neymar in terms of talent. His goal scoring exploits for his home town club and Brazil has attracted a lot of interest.
It is understood that he is reluctant to leave Brazil just yet, but will consider offers from top European clubs.
Gabigol was called up by Brazil for their Copa America Centenario campaign. The young forward scored for his country in their 7-1 hammering of Haiti.
Fiorentina have already submitted a 25 million pounds bid for the Brazilian international and Arsenal might have to better that in order to land him.