The 31-year-old will quit north London when his contract expires on June 30, with a free-transfer return to former club Lyon his expected next destination.

Lacazette struck 71 goals in 206 appearances in five years at the Emirates Stadium outfit.

"Laca has been a fantastic player for us," Gunners boss Mikel Arteta said of the France striker.

"He's been a real leader on and off the pitch and has been a very important influence to our younger players.

"His commitment with us has been exceptional and we wish him and his family success and happiness."

Arsenal have been heavily linked with a move for Manchester City's Gabriel Jesus, and Lacazette's departure opens up a berth in Arteta's squad.

Lacazette admitted the time had come for a new challenge.

"I'm looking forward to a new experience and a new adventure," he told Arsenal's official club website.

"I want to keep all the good moments I had in the club, because for me it was just a pleasure to play for a club that, since I was young, I dreamt of.

"I'm really happy to have played for five years for Arsenal.

"I'll keep in contact with my teammates, with the coaches, with the club.

"I supported Arsenal since I was young, so obviously I'm going to keep supporting them. I know I will come back to the stadium as well."

Australian Associated Press