The Spanish club have been looking for a world class striker since selling Diego Costa to Chelsea in 2014.
In 2017, they had an agreement to sign Lacazette from Lyon, but a transfer ban led to the deal collapsing.
And while their budget may not allow them to sign Luis Suarez, Gonzalo Higuain or Edinson Cavani, they have a plan to get Lacazette.
Atletico’s sporting director Andrea Berti is willing to offer Arsenal their pick of three players in a swap deal for Lacazette.
Atletico put a similar offer on the table to Arsenal in January, with the London club rejecting it.
However, circumstances have changed with Arsenal undergoing a number of changes under Mikel Arteta.
Diego Simeone could sell either Diego Costa or Alvaro Morata this summer as he looks to add more goals to his team.