Arsenal are set to complete a club-record transfer of Alexandre Lacazette after the Lyon striker completed his medical at the North London club on Tuesday.

According to the Guardian, the France international will cost the Gunners around €60m (£52.7m, $68.1m) and is set to sign a five-year contract. His move to the Emirates will be a club-record signing and will surpass the £42.5m Arsenal paid to Real Madrid to sign Mesut Ozil in 2013.

Lacazette has been a transfer target for Arsenal manager Arsene Wenger in the last few years. The Frenchman even made an approach to sign him last summer. However, the move did not go through and he signed a new deal at Lyon until 2019.

The Ligue 1 outfit's president Jean-Michel Aulas has already confirmed his star player will make a switch to the English club and that the fee involved will be a club-record for the Gunners.

"The deal will happen for something between €45 and €50 million. To be close to €50m is something unique, and will be a record for Arsenal and a record for Lyon," Aulas told French newspaper Le Progres.

"One must also take into account that, traditionally, a club like Arsenal do not have the habit of spending so much for one player," he added.

Lacazette was all but set to join Atletico Madrid in the summer transfer window. The same report claims the Spanish capital club were ready to pay a fee of around €65m (£57.1m, $73.8m) for the 26-year-old.

However, the deal collapsed after the Court of Arbitration for Sport decided to uphold the La Liga club's transfer ban. The Lyon striker will become Arsenal's second summer signing as they have already completed a deal for Sead Kolasinac, who arrived at the Emirates on a free transfer from Schalke.

Lacazette scored 36 goals and registered four assists across all competitions for Lyon last season.

Alexandre Lacazette
Alexandre Lacazette has completed his medical at Arsenal Getty