Giroud, meanwhile, will head to Arsenal's London rivals West Ham after the tall striker failed to tie down a regular starting spot at the Gunners last term.
Among chatter of a potential world record bid for Monaco's Kylian Mbappe, a new report surfaced out of France today that a a bid for Lyon's Alexandre Lacazette has either been offered or will materialize in the coming days.
Lyon's change in approach may stem from edging closer to signing Bertrand Traore from Chelsea.
Lyon originally quoted Arsenal a fee of £52.7m for Lacazatte and talks have progressed between the two clubs, with the Gunners believed to have tabled a bid in the region of £44m.
Liverpool and Manchester United were linked with moves for the forward who was ready to sign for Atletico Madrid if they had succeeded in lifting their transfer ban.
Following a disappointing season for Arsenal in which they fell out of the top four of the Premier League, this is a crucial summer for Arsene Wenger. In the meantime, it appears to be closing in on the 26-year-old Lacazette, whose 28 goals were second-most in Ligue 1 behind Edinson Cavani's 35.
That opened the door for Arsenal, which could swoop in with an offer that would eclipse the £42.5 million spent to sign Mesut Ozil from Real Madrid in 2013.