The France international striker is a top target for Arsene Wenger this summer.
The Gunners boss wants to strengthen up front and has long had an interest in the 26-year-old.
Lacazette has outlined his intention to leave Lyon and the club are ready to consider offers.
However, Arsenal face a potential problem in their battle to sign him.
Atletico Madrid were thought to be frontrunners but their transfer ban until January reduced the competition for Lacazette’s signature.
But PSG have been invited to make a move as Lyon president Jean-Michel Aulas wants the hitman to stay in Ligue 1 – for the good of French football.
“I know Nasser suggested to Noel Le Graet [president of the French Football Federation] that he is not investing that much in French players because he thought other presidents of French clubs looked badly upon it,” Aulas told France Football.
“I want him to know that if he makes an offer for Alexandre at least equal to that of the other clubs bidding for him, then Alex can go to Paris without problem.
“I am a businessman and a modern club president. Transfer money must be reinvested into French football, as I always did when we were at the peak of our powers.
“When transfer money is shared abroad, it strengthens our competitors instead.”
Arsenal’s top three targets are reported to be Lacazette, Monaco striker Kylian Mbappe and his team-mate Thomas Lemar.
Landing Mbappe would be seriously difficult, and should PSG match Arsenal in the race for Lacazette, they could be left disappointed.
