The Frenchman has been linked with The Toon in the past.
The report comes from Le Progres, who report that Newcastle made an offer of over €24 million for the French international - which converts to around £18.3 million - and would be an increase on their previous offer. The actually figure of the most recent offer has not been reported.
However the deal was swiftly rejected by Jean Michel Aulas, the Lyon president, who is not interested in selling Lacazette this month.
Newcastle, who have already snapped up Jonjo Shelvey and Andros Townsend this month, were said to also be after a striker - with West Brom's Saido Berahino mooted.
But it seems Lacazette was not yet off their radar, despite the player telling The Telegraph earlier this month he would not be making a switch to England until the summer.
Of course Newcastle, who have excellent links in the French transfer market, would have wanted to bring him in now considering their current relegation fight.
The powerful and pacy forward has scored nine goals in 26 appearances for the club this season - a fairly modest total.
Last season however he scored a whopping 29 times in 37 appearances and that is why the likes ofNewcastle United are keen.