Lacazette's Gunners deal is due to expire in the summer of 2022, and there is currently no indication that the Frenchman will be offered an extension.
As a result, Arsenal are running the risk of losing Lacazette on a free transfer after forking out £47m to sign him from Lyon in 2017, and the North London side are therefore said to be planning an unorthodox transfer.
With recent reports claiming that Arsenal are planning a swoop for En-Nesyri next year, Estadio Deportivo claims that the Gunners are hoping to include Lacazette as part of a deal to drive the price down.
En-Nesyri remains under contract at Sevilla until the summer of 2025, and Julen Lopetegui's side would reportedly demand a fee close to £40m in straight cash for the 24-year-old.
The Sevilla man already boasts three goals from six La Liga games this season, while Lacazette has only made one substitute appearance in the current Premier League campaign.