The Gunners have been heavily linked with both men over recent weeks as they piece together plans for the summer transfer window.
Lacazette has been on Arsene Wenger’s radar for some time, while Mbappe has emerged as one of Europe’s hottest prospects and is reported to have already been the subject of a big-money bid from the Emirates.
Oxlade-Chamberlain acknowledges that either would be fine additions to the Arsenal squad, with it possible that he could line up against both in England’s international friendly date with France on Tuesday.
The Gunners midfielder told the Evening Standard on Mbappe and Lacazette: "Anyone would want them in their team.
"First and foremost, Mbappe has been a phenomenal revelation this season at such a young age.
"It is hard not to watch him closely. He is scoring so many goals and every week, it's in your face!
"I have been monitoring him and he really is a quality player. I feel the same about Lacazette. I have seen him for a good few years now and he is always scoring goals."
Lacazette, meanwhile, enjoyed the most productive season of his prolific career, netting 37 times in all competitions for Lyon.
Both men have been attracting plenty of admiring glances, with teenage frontman Mbappe said to be a top target for Real Madrid while his international colleague is believed to be among those being considered by Manchester United and Liverpool.