Alexandre Lacazette is expected to be announced as a Lyon player today, according to reports.
Italian transfer guru Fabrizio Romano said on Twitter: "Alexandre Lacazette has signed the contract as OL player in the last few hours. Medical also successfully completed, official announcement today.
"It's done and confirmed, Lacazette is back at Olympique Lyonnais."
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The Frenchman was signed by Arsene Wenger in the summer of 2017 from Lyon and five years later he will return to the Ligue 1 outfit. He was made captain by Mikel Arteta for the majority of last season after Pierre-Emerick Aubameyang was punished and later exiled from the side for disciplinary reasons.
The Gunners confirmed that Lacazette would be leaving the club on a free transfer last week with a statement on the club's official website. Speaking as part of it, Arteta praised the impact the 31-year-old has had at the club.
"Laca has been a fantastic player for us," he said. "He’s been a real leader on and off the pitch and has been a very important influence to our younger players.
"His commitment with us has been exceptional and we wish him and his family success and happiness.”
The striker then took to Instagram to send a personal message, writing: "5 years ago, my dream came true.. To sign for @arsenal," he wrote on Instagram. "It’s been an honour to wear the jersey, to be a part of this family. I won trophies, I met real and nice ppl, and I fell even more in love with this club.
"Good luck for the future of the club and the fans, it’s been a pleasure. Once a gunner, Always a Gunner. Thank you, Arsenal."
Lacazette made 206 appearances for the club over his five years, scoring 71 goals and providing 36 assists.