The 23-year-old striker, who enjoyed a breakthrough year in 2013/14, has been heavily linked with a switch to Newcastle United, with Alan Pardew once again turning his attention to the Ligue 1 market.
Liverpool have also reportedly taken an interest in a frontman who plundered 22 goals in all competitions last term.
The Premier League pair look like being left empty-handed, though, as Lacazette has no intention of entering into transfer talks.
He believes his ongoing development would be best served by another year in his homeland, with it important for him to get regular game time and challenge for the Golden Boot in the French top flight before looking to move on.
Lacazette told Le Parisien: “Why do I want to stay? Because I am happy at Lyon. Lyon is a nice club, a nice city and a nice project.
“There have been propositions from everywhere but after a lot of thinking, I decided it was better to stay.
“We will see at the end of the season if I was right, but I think I have made the right decision.
“Now, at the start of the season, I can’t think that I will score more goals than Zlatan Ibrahimovic, but I want to try and reduce the gap. One day I hope to be a great striker like him.”