Liverpool may throw down a transfer challenge to Arsenal this summer.
The Daily Mirror is reporting that the Reds are showing significant interest in the Olympique Lyon striker, who remains a key target for the Gunners.
Arsenal are set to make a move for the Frenchman if Alexis Sanchez, as reported, happens to leave the Emirates Stadium at season's end.
But the North London club can expect competition from the Reds as Jurgen Klopp continues his pursuit of a quality goalscorer.
It is no secret that Liverpool are in the market for a new striker and could table a bid with Lyon for the 25-year-old once they move Daniel Sturridge on from Anfield.
Lacazette, who is valued at around £60million, has scored 22 goals in 23 Ligue 1 outings for Les Gones this term making him an ideal target for both Premier League clubs.