Lacazette is due to become a free agent at the end of the current campaign, and there is currently no indication that he will pen an extension at the Emirates having struggled for starts this season.
Aubameyang's contract is due to run until 2023, meanwhile, but the 32-year-old has failed to live up to the same heights from the 2019-20 season, and Mikel Arteta must start planning for the future in the coming months.
Arsenal have since been linked with three big names in Dusan Vlahovic, Ollie Watkins and Dominic Calvert-Lewin, and here, Sports Mole takes a look at which striker the Gunners should move for next year.
Following Fiorentina president Rocco Commisso's admission that Vlahovic will not be penning a new deal at Fiorentina, an intense scramble for the Serbian's services is expected to commence following his storming breakthrough in Serie A.
The 21-year-old struck 21 times and provided three assists in 37 Serie A appearances last season and has also started the new campaign as he means to go on, banking six goals from eight games in all competitions.
Vlahovic also drew 1.9 fouls per game last term, and with his contract due to expire in the summer of 2023, Fiorentina will be under immense pressure to sell him in the summer window if he does not secure a January exit.
It would supposedly take a bid of £76.5m to secure Vlahovic's signature of January - a figure which Fiorentina must reduce lest they risk him leaving for free in 2023 - but Arsenal may struggle to compete with clubs of Champions League calibre in the battle for the starlet.
Ollie Watkins announced himself to the Emirates last season during a man-of-the-match performance in Aston Villa's romping 3-0 success, and the England international continues to thrive under the tutelage of Dean Smith at Villa Park.
Watkins chipped in with 14 goals and five assists in 37 Premier League games last season but only got off the mark for the new campaign in the defeat at Tottenham Hotspur on October 3, with Danny Ings's arrival leading to greater competition up top.
Out of the three strikers on this list, Watkins ranked highest on a wealth of statistical categories for last term with 2.6 shots per game, 1.2 key passes per game, 1.1 dribbles and an average pass completion rate of 71.5%.
The 25-year-old is contracted to Villa until 2025, though, meaning that Smith's side can afford to play hardball in any future negotiations, but the striker previously affirmed that it would be a "dream" to pull on the red and white of Arsenal one day.
Still learning his trade at 24, Dominic Calvert-Lewin is reaping the rewards of working under two renowned coaches in Carlo Ancelotti and Rafael Benitez after enjoying his best goalscoring season to date in the 2020-21 season.
Despite a couple of frustrating injury problems, the England international finished the season with 16 goals from 33 matches - finding the back of the net during every game in the first five matchweeks - while he scored three goals from as many games this season before fracturing his toe.
At 6ft 2in, Calvert-Lewin understandably ranks highest out of the three rumoured targets for aerial battles won with 4.7 per game last term, and he was dispossessed on far fewer occasions - 0.9 times per 90 compared to 2.4 and 2.3 for Vlahovic and Watkins respectively.
The aerial department is an area where Arsenal's forwards have notably struggled - in spite of Aubameyang's own 6ft 2in frame - but Calvert-Lewin is another player under contract until 2025 and will not be prised out of Everton's grasp with ease.
While the signing of Vlahovic would represent quite the coup for Arsenal, it would be a huge shock to see the 21-year-old turn down interest from the likes of Juventus, Liverpool, Manchester United and Manchester City, while a rumoured price tag of £76.5m is surely too steep for the Gunners.
Calvert-Lewin and Watkins's Premier League-proven quality makes both men attractive propositions, but should Arteta seek a fresh forward with similar qualities to that of Lacazette - renowned for his link-up play and ability to bring others into the game - the Villa man is the top pick.
Smith has found a way to field Watkins and Ings together in recent weeks but may not be able to keep both strikers happy for the whole campaign, while the ex-Brentford man's all-round play stood out last term, and Arsenal would be folly not to take advantage of his previous declaration of love for the club.
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