The Gunners have already had a bid rejected for the striker.
The Gunners are in the market for a striker this summer after Olivier Giroud struggled in the second half of last season.
They already tried to sign Jamie Vardy from Leicester City earlier in the window, but he opted to stay with the Premier League champions and sign a new deal.
Arsenal have since turned their attention to Lacazette, who has been heavily linked with an exit for several months.
The Gunners have already had a bid rejected for the Frenchman, with the Ligue 1 side confirming as much in an official statement.
And according to the Mirror, they have told Arsenal that it will take a bid of £40 million plus bonuses for them to consider a sale.
Crucially, it is not the bid that will be accepted, simply the price that they will open negotiations at.
It remains to be seen if it is one that manager Arsene Wenger is willing to match to try to secure the French international, who scored 23 goals last season.