The Frenchman insists he would be happy to stay with the Ligue 1 club but Alan Pardew's side are continuing discussions, with Loic Remy and Vincent Aboubakar also high on the list
Alan Pardew's side have brought in nine players in the summer transfer window, including the likes of Siem de Jong, Remy Cabella and Nottingham Forest duo Jamaal Lascelles and Karl Darlow, who have both been loaned back to the Championship.
The Magpies are still looking to strengthen their squad although Lacazette, who scored in Lyon's opening-day Ligue 1 win over Rennes, is adamant that he is staying put this season.
He said, as quoted by Le Parisien: "I chose to stay. I did that because I am happy at Lyon. Lyon is a nice club, in a nice city and has a nice project.
"There are offers everywhere but I thought about it and I have decided to stay and we will see at the end of the season if I am right."
Despite Lacazette's insistence that he is staying put, Goal understands that talks have continued between Newcastle and Lyon, while the player and his representatives are being kept informed.
Loic Remy - back at QPR after an impressive season on loan at Newcastle - also remains a top target while Lorient's Vincent Aboubakar, who scored against Monaco on Sunday, is also very much on their radar.
Goal understands that there is no immediate interest from Newcastle in Manchester United's Wilfried Zaha, meanwhile, and Arsenal midfielder Serge Gnabry is not currently a target for Pardew's side.