Lacazette was in London for a medical as he ties up a move from Lyon for a fee which could reach £52m, eclipsing the £42.5m Arsenal paid for Mesut Ozil.
Lacazette is expected to sign a five-year deal at the Emirates Stadium after Arsenal agreed a club-record deal with Lyon which could rise to £52m over the course of his contract.
He was introduced to his new team mates at the training ground and may join their pre-season trip to Australia and China.
He will become their second signing of the summer, following left back Sead Kolasinac, who joined on a free transfer from Schalke last month.
But Arsenal are also waiting on the futures of Alexis Sanchez, Ozil, Alex Oxlade-Chamberlain and Olivier Giroud.
The France international had verbally agreed to join Atletico Madrid this summer but that deal collapsed last month after Atletico’s transfer ban was confirmed by the Court of Arbitration for Sport.
His record of 28 league goals last term was more than the combined tally of Arsenal quartet Olivier Giroud, Theo Walcott, Danny Welbeck and Lucas Perez.