Lacazette has previously been linked to Atletico and is on their radar once again, according to Mundo Deportivo.
Before moving to Arsenal, the Frenchman was understood to be close to completing a move to the Spanish capital.
Lyon's owner Jean Michel Aulas himself confirmed the story of how an agreement was in place.
"Everyone knows that Atlético was going to pay 53 million euros plus 12 for goals. That is 65 million euros. (...) Everything was agreed but the decision of the TAS avoided it," said Aulas.
Aulas refers to the decision upheld by the Court of Arbitration for Sport that saw Atletico banned from signing players in the summer of 2017.
Arsenal capitalised by acquiring Lacazette from Lyon in July of that year, in a deal worth £48m.
The now 28-year-old was Arsenal's player of the season last year but has had a difficult season at the club.
Only recently has Lacazetter started to get on the scoresheet again - with the most recent being the winner against West Ham last weekend.
It's reported that following a failed January pursuit of Edinson Cavani, Atletico are exploring other options for the summer transfer window.
Atelti reportedly evaluated Lacazette in the winter window and believe a summer bid could be accepted by the Gunners.
Los Rojiblancos are said to be losing faith in Diego Costa, with the 31-year-old no longer firing as he used to.
Costa will have the remainder of the season to convince the club that he is still the man to lead their line but, at this stage, it appears unlikely that he will.
READ MORE...
Atletico Madrid, the Champions League's toughest team to beat? Meet Liverpool's biggest challenge: Diego Simeone
Billy Gilmour can become a legend at Chelsea - but only if he stays focused
