The Sun says they are asking the duo to sign new deals with hefty bonuses for achieving agreed targets, most notably Champions League qualification.
Both players earn around £180,000 a week and are in the opening stages of talks to prolong their Emirates stay.
PEA, 30, is under contract until 2021 while Lacazette, 28, has three years still to run on his deal.
The pair scored 50 goals between them last season.
Their biggest bonus would be for getting the club back in the Champions League, which would bring in at least £40million revenue each year.
Bonus payments will also be linked to winning the Europa League and FA Cup, plus goal targets.