Lacazette, who became the club's record signing this summer after arriving from Lyon, starts up front with Alexis Sanchez still unavailable due to an abdominal strain.
Laurent Koscielny is suspended as he serves the second of his three match ban carried over to this season after he was shown a straight red card on the final day of the 2016-17 campaign against Everton. Rob Holding, given the nod instead of the Frenchman in the Community Shield against Chelsea, is given another start with Sead Kolasinac also slotting in next to Nacho Monreal as part of a back three.
Aaron Ramsey is only fit enough for the bench with Mohamed Elneny and Granit Xhaka handed holding midfield roles. Mesut Ozil has recovered from a minor fitness issue while there is also a another start for Danny Welbeck.
For Leicester, Kelechi Iheanacho must wait for his league debut. The former Manchester City starlet starts on the bench after picking up minor knock in his first appearance for the club in a friendly last week. That means there is a familiar pairing up front for the Foxes in the form of Jamie Vardy and Shinji Okazaki.
Harry Maguire does make his first league appearance, however, coming in for Robert Huth who is still recovering from an ankle injury of his own.
Danny Drinkwater, whose future at the club remains unclear amid interest from Chelsea, will not feature due to a muscular problem, according to his club. Riyhad Mahrez, who remains heavily linked with a move to tonight's opposition, does start, however.
Arsenal vs Leicester City confirmed team news
Arsenal XI: Cech, Holding, Monreal, Kolasinac, Bellerin, Elneny, Xhaka, Oxlade-Chamberlain, Ozil, Welbeck, Lacazette
Subs: Ospina, Mustafi, Coquelin, Ramsey, Iwobi, Walcott, Giroud
Leicester City XI: Schmeichel, Simpson, Morgan (c), Maguire, Fuchs, Mahrez, Ndidi, James, Albrighton, Okazaki, Vardy
Subs: Hamer, Chilwell, Amartey, King, Gray, Simani, Iheanacho