The French striker has 20 goals from 21 appearances in Ligue 1 this season, making him the leading goal scorer.
Lyon currently top the table, just one point clear of Marseille and are looking to claim their first title since 2008.
Lacazette has been an invaluable player in the club’s revival this season and president Jean-Michel Aulas is reluctant to see the Stade Gerland star out this month.
However reports from France have claimed that representatives from both Arsenal and Liverpool have been in Lyon to discuss conditions over a possible transfer, in secret.
Rodgers will be keen to bring in an in-form striker as summer signing Mario Balotelli has failed to impress and the gap left by the departure of Luis Suarez is still ultimately yet to be filled.
Wenger on the other hand has many attacking options in his side but will be looking for a poacher to challenge Olivier Giroud for a place in the side.
By Phil Wellbrook
