Arsenal have reportedly been given the green light to sign striker Alexandre Lacazette from Ligue 1 club Lyon this summer.

According to the Telegraph, Arsene Wenger can land the French striker for a fee of around £21m ($33m) after talks broke down between the club and the players' representative.

Lacazette, who was a target for Premier League clubs last summer made a name for himself in the league last season when he ended the campaign as top scorer in the Ligue 1 with 27 goals from 32 games, which attracted interest from big clubs across Europe.

Lyon president Jean Michel-Aulas had indicated that the striker would not be allowed to leave even with a bid as high as €50m (£36m, $55.9m).

"I'm not sure that fans are asking the question. We are never sure of anything but everything to Alexandre Lacazette be with us next season and it is also his interest to stay so we will do whatever it takes to keep it. €50m? It will not be enough, Alexander has no price," Michel-Aulas said, as quoted on Le10 Sport.

But the report claims that after talks broke down with Lacazette's agent David Venditelli, he will now be allowed to leave for £21m. This will come as a big boost to the Gunners, who have been linked with a move for the forward in the past, according to French publication Le10 Sport.

"The offers we've had from abroad are very significant in terms of finances. Ultimatums and media pressure won't change our demands, which OL are aware of," the French international's agent said, as quoted by the Telegraph.

Liverpool have also been linked with a move for the forward, the Goal reports, but the Reds could lose out to the Gunners in the battle, as the striker has indicated that he will leave France only for a club playing in the Champions League, which the Merseyside cannot offer after finishing sixth in the Premier League.