According to John Drayton of the Daily Mail, Newcastle, Arsenal, Juventus and Everton have already been keeping tabs on the player, and Brendan Rodgers has now been seduced by his talents in front of goal.
Seventeen goals from the 22-year-old is a reasonable return, and although Lacazette has a contract with the French club until 2016, financial problems mean that there is every chance Liverpool could get their man.
The question must be asked as to whether they really need him, however.
As a player who is technically gifted, has pace and scores goals, there is no doubt he fits the Rodgers profile. But at just 5'9", per Sami Faizullah of Outside of the Boot, there is a huge issue in terms of his aerial ability:
A weakness of Lacazette's is his overall aerial ability.
He stands at 5 ft 9, which is pretty small this will let his game down as a lone striker given that Lyon tend to send a fair few aerial crosses in which they expect to be met by his head.
Saying that, he does have a good spring on him which could certainly help in his development in this particular area.
In order for him to stake a claim for a permanent residency in a Liverpool front line, he has to offer more than what Brendan Rodgers already has in situ.
Twenty goals and seven assists in 27 games (three as a sub) is an outstanding tally for the campaign, and his movement and interplay have been an absolute joy to watch during this season.
One of the best facets of Liverpool's forward play has been their constant movement and the ability from either striker to draw defenders away from the danger areas, allowing the other to profit. A 79.2 percent passing accuracy across the season isn't too shabby, either.
PFA Player of the Year Suarez has taken things to an entirely different level.
Thirty goals and 12 assists in just 31 appearances, per WhoScored.com, evidence a player in the very best form and certainly one who could be well on the way to making an impression at this summer's World Cup.
Despite missing the first six matches of the season, there has simply been no stopping him throughout, and who would bet against him equalling or even beating the Premier League record for most goals scored in a single season, currently jointly held by Andy Cole of Newcastle United and Alan Shearer of Blackburn?
Lacazette is simply not in that bracket yet.
Yes, he can score goals, all types of goals. But so do Sturridge and Suarez, and they score more and in less games. He is said to have lightning pace, but Sturridge is no slouch.
Outside of the Boot detail him as a player who "enjoys linking up with the other attackers, rather serve as a hold up player," but that would then potentially put him in direct competition with Philippe Coutinho.
There is simply no room for the Frenchman to force his way in, and it is a complete waste of a summer transfer window to go after someone who will not offer you anything different.
Do Liverpool need Alexandre Lacazette?
With all of the other clubs interested and, according to Outside of the Boot, interested for quite some while now, isn't it worth asking the question as to why none of them has already secured the player?
Further, the suggestion by John Drayton in the Daily Mail that Liverpool will be looking for bigger targets due to Champions League involvement is somewhat at odds with the point of his article.Lacazette isn't a big name and still has much to prove on the big stage.
Rodgers would be well-advised to say "non" and look for a more established name to improve Liverpool's chances of European and domestic glory next season.