That is the opinion of Sky Sports pundit and former Everton midfielder Leon Osman.
Borussia Dortmund frontman Aubameyang is closing in on a move to Arsenal for a club-record fee of around £60million.
He will provide direct competition for Lacazette, who himself only joined the Gunners last summer for £52.7m.
Lacazette has just nine goals in 27 appearances and one since December 3 last year.
Osman also believes that the arrival of Aubameyang will lessen the blow of losing Alexis Sanchez to Manchester United earlier this month.
“They paid a lot of money for Lacazette in the summer,” Osman said.
“He hasn’t scored the amount of goals that I think Arsene Wenger was expecting.
“They’ve lost Sanchez, you don’t know what’s happening with (Mesut) Ozil.
“So I do feel they need to get this deal done to show that they are still a team that wants to bring players, rather than becoming and slipping into a selling club.”
Aubameyang has scored 21 goals in 24 games for Dortmund in all competitions this season.