Arsenal were reportedly in talks to sign the Lyon striker.
The Gunners are reportedly determined to add a striker to their squad this summer after watching Olivier Giroud and Theo Walcott struggle for consistency last season.
They have been linked to several forwards, but the latest is Lacazette, with the Daily Mail reporting that Arsenal had been in talks with Lyon regarding a move.
They claimed that Arsene Wenger’s side were keen on the France international but were unwilling to pay his £42 million asking price.
It appears that those reports of talks may have been wide of the mark though, with Aulas claiming there has been no contact from Arsenal yet.
"I saw Arsene [Wenger, Arsenal manager] during France matches and he has not told me," Aulas told L'Equipe.
"I don't think it's something and it seems Alex wants to spend this season with Lyon in the new stadium.”
It now remains to be seen whether Arsenal do make a move for Lacazette in the remaining weeks of the transfer window.
There is no denying that the Gunners are in desperate need of a striker, with Olivier Giroud’s struggles in the second half of last season demonstrating that.
Lyon do not seem keen on selling Lacazette though, and perhaps Arsenal will turn their attention elsewhere in their hunt for a new star forward.