The ex-Lyon man is yet to start a Premier League game for the Gunners this season and is due to become a free agent at the end of the current campaign.
In spite of Mikel Arteta affirming that Lacazette would be "instrumental" for Arsenal this season, a recent report claimed that the North London side are yet to offer the striker a new contract.
Juventus and AC Milan have both been tipped to move for the 30-year-old, but La Razon claims that Sevilla and Atletico are also in the hunt for his signature.
While Lacazette is set to be available on a free transfer next summer, the report claims that both La Liga outfits are tempted by the proposition of a January swoop for the 30-year-old.
Lacazette - who contracted coronavirus earlier in the campaign - boasts 66 goals from 172 appearances in all competitions for the Gunners since his 2017 arrival.