The Sun's Mark Irwin exclusively reported as much, with the pair hoping to agree a fee for the forward.
Wenger and Gazidis were photographed in Nice, reportedly on their way to meet Aulas at his mansion in Cap Ferrat.
Wenger is reportedly prepared to offer Lacazette £200,000 per week to come to the Emirates Stadium.
The Frenchman has long been an excellent player for Lyon and perhaps enjoyed his best campaign yet last year, plundering 37 goals and five assists in 45 appearances.
Squawka Football looked at his impressive numbers in Ligue 1 in recent years and revealed he's an expert from the penalty spot:
He has expressed interest in a move to the English top flight, per Sky Sports' Kaveh Solhekol:
Arsenal didn't struggle for goals last season with Alexis Sanchez, Olivier Giroud and Theo Walcott all enjoying prolific campaigns, but the Gunners were nevertheless outscored by the four teams who finished above them in the Premier League.
Lacazette would be an upgrade on all but Sanchez, and purely as a goalscorer at least, he'd be even better than the Chilean.
However, the difficulty for Arsenal is their failure to qualify for the UEFA Champions League, which could prove to be a hindrance in the transfer market this summer.
The Gunners have been regulars in the competition since Wenger took charge of the club in 1996, though, so the prospect of one year in the UEFA Europa League may not be too damaging provided they can convince their targets they will soon be competing among Europe's elite once again.
Arsenal are clearly committed to recruiting Lacazette if they're prepared to negotiate face-to-face with Aulas. If they're to improve next season, securing his signature would go a long way.