The Gunners are willing to break their transfer record to sign the Lyon striker and Lacazette is keen on the move.
France international Lacazette was close to joining Atletico Madrid before the Spanish club's transfer ban was upheld and Aulas confirmed via French news outlet Le Progres that Wenger's side did not want to pay over the odds for the forward.
Defoe had 15 Premier league goals in each of the last two seasons and makes a return to Bournemouth after more than a decade.
He will become the highest signing at the Emirates after smashing Mesut Ozil's transfer fee record of £42m from European champions Real Madrid back in 2013. The Lyon boss then rules out any interest in Oliver Giroud stating "I do not have anything to say about Olivier Giroud".
That seemed significant, because even the Lyon president usually limits himself to once per day.
He will now travel to London and undergo a medical at the club. The 34-year-old striker, who has played for numerous top-flight clubs in England nad played a season in MLS, joins the Cherries from Sunderland.
The 26-year-old tallied 28 goals in 30 games with Lyon last season. Conte would prefer to bring Torino ace Belotti to Stamford Bridge but is unhappy owner Roman Abramovich and technical director Michael Emenalo would prefer to land Everton striker Lukaku.
Competition is fierce in the middle of the Napoli midfield, though.