The Gunners are in the market for another striker to rival Olivier Giroud if rumours are to be believed, with manager Arsene Wenger holding talks with Everton over a potential £40 million switch for the 23-year-old, says The Sun.
That being said, Arsenal are also linked with the 25-year-old Lyon marksman whom, according to The Telegraph, Wenger is willing to pay £34 million for in two rather conflicting reports.
Some Arsenal fans might not see the need for either by virtue of Giroud's form in Euro 2016, with the France striker being one of the players of the competition so far, though the 29-year-old is a tad inconsistent to be relied upon from August to May.
Asked by ESPN who he would pick if he was in Wenger's shoes, Hislop said: "I just feel Lacazette right now would be the better pick.
"He's a couple of years older and that comes into play and I just feel he would be the better partner for Olivier Giroud."
Lukaku, who joined Everton from Chelsea in 2014 for £28 million, netted 25 times in all competitions for the Toffees last season, while Lacazette scored 21 times in 34 Ligue 1 outings for the French side