The Reds were scouting France international Lacazette for most of last season, with Brendan Rodgers' chief spotters watching him score 27 goals in 31 matches in Ligue 1.
Lyon have been trying to tie him down to a new contract, but reports say negotiations have stalled and Liverpool are now ready to sign him.
It comes amid talk that the Reds are looking for alternatives after baulking at Aston Villa's asking price for Christian Benteke.
Arsenal, Manchester United and Paris Saint Germain have all been linked with Lacazette in recent months.
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