The 31-year-old has spent the last five years plying his trade in North London and took over as captain following Pierre-Emerick Aubameyang's exit for Barcelona in January, but he has since lost his place in the XI to Eddie Nketiah.
Lacazette only managed four Premier League goals throughout the 2021-22 season to take his total for the club to 71 strikes and 36 assists in 206 appearances, and the Frenchman has come up with a catalogue of fine efforts during his time at the Emirates.
Here, Sports Mole takes a look at Lacazette's five greatest goals for the Gunners as his five-year spell comes to an end.
5. BURNLEY - PREMIER LEAGUE (AUGUST 2019)
Always earning plaudits for his strength and ability to protect the ball despite a relatively unthreatening 5ft 9in frame, Lacazette would seemingly lose out when surrounded by a sea of Burnley shirts during the second gameweek of the 2019-20 Premier League season.
Fending off defenders of such a physical nature is no mean feat, but after pouncing onto a loose ball from Dani Ceballos's corner in the 13th minute, Lacazette managed to find the net from an improbable position.
With his back to goal, Lacazette shrugged off the attention of Ben Mee and Erik Pieters - the latter of whom was in the process of hauling him down before the Frenchman expertly finished through the legs of Nick Pope while falling to the deck.
Such improvisation was a piece of brilliant from the soon-to-be Lyon returnee to help Arsenal open a Premier League season with back-to-back wins for the first time since 2009, as Aubameyang also got in on the act in that 2-1 success.
4. RAPID VIENNA - EUROPA LEAGUE (DECEMBER 2020)
As the COVID-19 pandemic continued to rage across the globe, a total of 2,000 fans were briefly allowed into the Emirates to watch Arsenal welcome Rapid Vienna for a group-stage match in the 2020-21 Europa League.
The less said about Arsenal's league fortunes at this point the better, but Lacazette's wonder strike was the catalyst for a comfortable continental success, as the captain picked up the ball from deep before driving towards goal in the 10th minute.
Lacazette would proceed to let fly from a good 35 yards, and his swerving effort beat Richard Strebinger all ends up to hand Arsenal an early lead, although he was helped by the goalkeeper taking a step in the opposite direction.
Mikel Arteta's side would march to a convincing 4-1 success over the Austrian giants following Lacazette's opener, as Eddie Nketiah, Emile Smith Rowe and Pablo Mari also got in on the act.
3. NAPOLI - EUROPA LEAGUE (APRIL 2019)
Lacazette would never shy away from a free kick during his time as an Arsenal player, and his dead-ball qualities came to the fore during the second leg of their Europa League quarter-final with Napoli in 2018-19.
Unai Emery's outfit had already claimed a 2-0 win in the first leg before the trip to Naples, where Lacazette found himself standing over a free kick in the 36th minute after he was fouled by Nikola Maksimovic.
Lacazette dusted himself down to take the free kick from a good 25 yards out, and the France international's effort sailed beyond the wall and left Alex Meret rooted to the spot before nestling into the back of the net.
That vital away goal helped Arsenal advance to the semi-finals courtesy of a 3-0 aggregate success, but they would ultimately fall at the final hurdle to Chelsea and miss out on a coveted Champions League spot.
2. TOTTENHAM HOTSPUR - PREMIER LEAGUE (July 2020)
Since his arrival in North London in 2017, Lacazette would often prove to be a thorn in Tottenham Hotspur's side, and if there were any fans present during their behind-closed-doors clash in July 2020, he would have immediately silenced them.
With 16 minutes on the clock, Serge Aurier's loose touch allowed Granit Xhaka to steal back possession for Arsenal in the Tottenham half, and Lacazette would benefit from the Switzerland captain's interception to open up the space for a shot.
Lacazette only needed two touches before firing a sublime effort from 20 yards past compatriot Hugo Lloris into the top corner, and there was absolutely nothing the Spurs goalkeeper could have done about it.
Son Heung-min and Toby Alderweireld would ultimately seal a North London derby win for Tottenham that day, but Lacazette's contributions against Arsenal's bitter rivals will not be forgotten.
1. SOUTHAMPTON - PREMIER LEAGUE (DECEMBER 2021)
Lacazette would only manage two goals from open play in the entirety of the 2021-22 Premier League season. One was his last-minute equaliser against Crystal Palace, and one was a Goal of the Season contender against Southampton.
Arteta's Gunners played their way out of the Southampton press fabulously, as Aaron Ramsdale, Ben White, Takehiro Tomiyasu, Thomas Partey and Martin Odegaard all combined to release Bukayo Saka down the right-hand side.
Saka's driving run into the penalty area would end with him laying off Lacazette, whose first-time effort found the top corner of the net to kickstart a comfortable 3-0 win for Arsenal at the Emirates.
The Frenchman's final two Premier League goals for the Gunners both came from the penalty spot, but that strike against Southampton would have been a fitting way to say goodbye.