British media reported that Arsenal paid a club-record 46.5 million pounds ($60 million) for the 26-year-old Frenchman.
Lacazette scored 37 goals in 45 games last season as Lyon secured a fourth-placed finish in Ligue 1 and reached the Europa League semi-finals.
The France international has netted at least 20 league goals in the past three seasons and is Arsenal manager Arsene Wenger’s second signing this transfer window after defender Sead Kolasinac joined on a free transfer.
($1 = 0.7733 pounds)
(Reporting by Aditi Prakash in Bengaluru, editing by Ed Osmond)
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