Tottenham Hotspur and West Ham United were both tracking the French striker, but the Telegraph claim that he will not be moving to England.
Lacazette is also being courted by top clubs from across Europe, and a move to Spain or Germany is more likely.
Tottenham and West Ham had been interested in signing Lacazette, but they were unable to get a deal over the line.
Spurs are thought to be on the look out for a front man in the summer transfer window, and Lacazette was believed to be on their wishlist.
West Ham also wanted Lacazette, and they made the first move to sign the Lyon hitman.
However, the Hammers’ record-breaking £25.6 million bid was turned down by the Ligue 1 side, meaning Slaven Bilic’s men are set to move on and look at other targets.
Lacazette has scored 23 goals in 44 appearances for Lyon in all competitions this season.