Barça were reportedly keeping tabs on Lacazette but now look more likely to sign Atletico want-away Antoine Griezmann, after he publicly announced that he will be leaving the Wanda Metropolitano at the end of the season.
As a result, Atletico must now act quickly to replace Griezmann and Le 10 Sport claim that initial contact has been made regarding Lacazette, who has enjoyed a productive domestic and European campaign for Arsenal.
They are also rumoured to be interested in signing Paris Saint-Germain striker Edinson Cavani, who has been repeatedly linked with a move away from Ligue 1.
Currently, Atleti have Diego Costa and Alvaro Morata as their other striking options. Costas future is unclear after a string of on-field misdemeanours, though, whilst Moratas future is dependant on Diego Simeones willingness to pay another hefty loan fee to Chelsea.
Arsenal, meanwhile, will be reluctant to let Lacazette leave, as he has formed a deadly partnership with Pierre-Emerick Aubameyang. He scored 13 Premier League goals this season, whilst his strike partner notched 22 - sharing the golden boot with Liverpool duo Mohamed Salah and Sadio Mane.
Lacazette has also shown good goalscoring form in Europe, scoring five goals in Arsenals route through to the Europa League final.
The Gunners take on Premier League rivals Chelsea in Baku at the end of May, knowing that victory will earn them a coveted spot in next seasons Champions League.
Manager Unai Emery will no doubt be hoping that Lacazette remains focused on the task at hand, despite recently admitting that being linked with a move to Barcelona was flattering.