The Daily Mail says talks are underway with Lacazette and Aubameyang over contract extensions.
Both are already among the club's highest earners — with Lacazette earning in the region of £140,000 a week and Aubameyang on close to £200,000 a week.
Nevertheless, the pair will both be given substantial pay rises if they commit their futures to the north London club.
Arsenal are also willing to include financial clauses that would trigger another pay hike if they can propel the club back into the Champions League. That would be in addition to one-off bonuses they would receive for qualifying for the competition.