The Gunners are ready to offer Aubameyang and Lacazette over £200k-a-week each over fears the in-demand strikers might leave.
Club chiefs are fearful their two star strikers could be poached this summer and will spend what little money they have on keeping them in North London, says The Sun.
Aubameyang, 29, has been linked with a £300,000-a-week move to China, with Lacazette, 28, wanted by Barcelona.
Now, reports claim the two forwards could be in for a bumper pay-day after combining for 50 goals and 21 assists in all competitions in 2018-19.
Lacazette is thought to earn around £180,000 per week at present, with Aubameyang already close to the £200,000-a-week mark.
But both salaries could shoot way above that in a desperate bid to cling on to arguably the only two untouchable players in the Gunners' squad.