Lacazette will leave the club when his contract ends in June.
He scored 71 goals in 206 games for the club after joining in the summer of last year.
After scoring six goals in 36 games this season, he and the club have decided to part ways.
Laca has been a fantastic player for us, according to a statement from manager Mikel Arteta. He has been an important influence on our younger players and has been a real leader on and off the field.
His commitment with us has been great and we wish him and his family the best.
The technical director thanked Laca from everyone at the club. He's been a big help to us. He will always be a part of the family and we wish him the best.
The France international made his name at Lyon, where he found the net 129 times, after coming through the academy at the French giants, and he has been linked with a return to the Groupama Stadium this summer.
Sky sports reporter.
There will be a lot of activity this summer. Spending plans will be affected by missing out on the playoffs, but Mikel Arteta will want to strengthen.
The departure of Pierre-Emerick Aubameyang in the last transfer window means that the club is in need of a new forward. Eddie Nketiah is expected to sign a new contract this summer.
There will be at least one or two new players arriving up front. Expectations are that he will return to fight for his place after having a loan spell with the team.
The team is likely to try and get money for the keeper. His contract is up in the summer of next year.
Arteta will be backed again because he was the biggest spender in the league. They will be in four different competitions next season, so adding quality and depth is important.
The centre-forward of the club.
Attack is the most pressing need for next season. The leading marksman has the same number of goals as the bottom one.
The problem is in taking chances. In terms of shots, shots on target and expected goals, the team ranked fourth, but 11th for shot conversion.
The xG differential is a measure of the difference between goals and xG. Only three teams have a lower xG differential than the three teams that have been demoted.
Lacazette had two non-penalty goals from 46 shots and an xG return of 6.84. Bryan Mbuemo was the only one who performed better than his xG.