The 24-year-old started his career at Red Star Belgrade before moving to Benfica in 2016.
His career has stalled with Karim Benzema continuing to be Real’s go-to forward since Jovic’s arrival.
Arsenal are yet to decide if they will offer Lacazette a new contract.
The Frenchman has scored just four goals in the Premier League this season and has gone over 18 hours since his last from open play.
Speaking last month, Arteta admitted signing a striker would be a priority this summer.
“Now is the moment we have to raise the quality,” he said.
“We need one who puts the ball in the net, that’s priority number one. Any successful team needs enough goal threat in the squad.”.
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