The France striker has been linked with a move to the Emirates Stadium on repeated occasions, although no official approach has ever materialised.
And with Arsene Wenger's men relegated to the Europa League for 2017-18, they may struggle to compete in the transfer market over the summer.
Lacazette, however, admits he would not turn down a club solely because they were out of the big competition.
"Is the Champions League a dealbreaker for my choice? No, but it is important," he said in a live Facebook chat hosted by Eurosport.
"In making my choice, I will look at my position [in my next club], if there are not too many players, so I won't be benched and I will be able to play.
"The Premier League is interesting. That does not mean I will go, and that does not mean I will refuse to go."
Atletico were another side connected with Lacazette in the past, but a FIFA-imposed transfer ban means he will not be moving to the Spanish capital this summer - although a loan move back to Lyon is a possibility.
"Like everyone else, I heard the news. This was always going to be a possibility, it was 50-50. The decision has not perturbed me, life goes on," he said.
"A loan to Lyon until the winter window? I have not looked at that much because the president is saying that that is not possible. We will have to prepare ourselves for all eventualities, but that is not the way I want it to go."