Lacazette, who joined the Gunners from Lyon in 2017 for a fee of around £52million, has netted 12 goals in 33 appearances this season.
Emery favours Pierre-Emerick Aubameyang in a central role and although he admires Lacazette, it is understood the Frenchman is expendable and could be sold this summer if the right offer arrives.
At 27, Arsenal could likely command an increase on the fee they paid for Lacazette two years ago and use the funds to reinvest in more urgent areas of the squad.
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