Arsene Wenger was forced to turn his attentions elsewhere when Jamie Vardy snubbed Arsenal’s offer of £150,000-a-week.
The Gunners have signed Japanese striker Takuma Asano but it remains doubtful that the 21-year-old will play a key role next season.
And with Olivier Giroud and Danny Welbeck Wenger’s only other options, a new striker has been highlighted as a priority.
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The Premier League club, who finished second last season, were linked with Lyon striker Alexandre Lacazette last year but have waited until now to make a move.
According to the Mirror, Wenger is a big fan of the 25-year-old, who scored 21 goals in Ligue 1 last season.
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His pace and movement is said to appeal to the Arsenal boss, who was also drawn to Vardy’s speed and finishing ability.
But, while Lacazette is keen on moving to the Emirates, Arsenal could miss out for an all-too-familiar reason - his price.
Lacazette has a release clause of £34 million, which the Gunners could afford. However, with West Ham, Tottenham and Atletico Madrid also interested, Wenger fears an auction could ensue.
You really have to feel for Arsenal fans at times. They’ve just seen Manchester United spend close to £60m on Eric Bailly and Henrikh Mkhitaryan, while a £100m bid for Paul Pogba is being lined up, while Wenger is put off by spending excessively in a much-needed area.
Gooners are desperate for their side to end a 12-year wait for the Premier League title and it will take a bit of bold business from Wenger for them to do so.
A formidable attack would drastically help. Olivier Giroud and Alexis Sanchez combined to score 29 league goals last season but behind them, the next best tally was Mesut Ozil’s six goals.
Though Giroud had a respectable return, he endured a 15-game goal drought in the middle of the season - right when Arsenal’s title bid began to collapse.
And Thierry Henry believes Wenger must play two strikers in order to get the best out of the former Montpellier man.
“I've said it many times - Giroud is very good at what he does," Henry told Sky Sports. "He's a very good player but he needs to play with someone.
“Giroud, with his back to goal, is very good; you saw the goal against Ireland when Giroud flicked on and Griezmann scored. He can't turn and outpace anyone, Giroud, but in Griezmann he has a guy he can feed. It's a great partnership. They share the workload of scoring goals.
"I never doubted what he can do but I think he's better with someone alongside him."