The Gunners are reportedly chasing the 26-year-old France international, with Atletico Madrid out of the running due to their transfer ban, but Aulas will only sell once a replacement has been secured.
That replacement is apparently not Bertrand Traore, recently signed from Chelsea, but success in their pursuit of Real Madrid striker Mariano Diaz could see Lacazette finally make his move to the Premier League.
“Our position is that as long as we have not signed his replacement, we will keep him,” Aulas said Monday at Traore’s unveiling.
“He expressed the wish to leave and he was given an agreement to go to the club of his heart, but things did not happen.
“He wants to leave. We will discuss it in the coming weeks. If so, offers will be heard, provided they match the value of the player.”
Lacazette would be Arsenal’s second signing of the season, with left-back Sead Kolasinac poised to join when his Schalke contract runs out in July.