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The Frenchman’s current deal with the Gunners expires in nine months, and he is expected to leave on a free transfer.
The club’s hierarchy are already lining up a replacement, and have identified their prime targets to fill the striker void.
Watkins had a productive debut season in the top-flight with Aston Villa last term with 14 goals. He is reportedly on their radar.
The Gunners are also keeping tabs on Calvert-Lewin, who netted 16 times in the Premier League during the previous campaign.
Both players are good with their hold-up and link-up play, and have been identified as suitable targets to replace Lacazette.
The Gunners were anticipated to open contract talks with Lacazette earlier this year, but they have reportedly shut those plans.
Lacazette is also happy to part ways next summer as he is no longer a regular. Atletico Madrid are keen on signing him.