The Gunners have secured permanent deals for Willian, Pablo Mari and Cedric Soares so far this summer but Arteta is keen to bolster his squad further before the window shuts in October.
Arsenal only finished eighth last season – ten points adrift of the top-four – and Arteta is hoping to see two or three more players arrive through the doors at the Emirates.
But with Arsenal’s transfer budget affected by the coronavirus pandemic, Arteta may be forced to sell before he buys and Parlous says Lacazette could make way.
He told talkSPORT: ‘Lacazette will be the one, the asset. You look at the assets they’ve got, there isn’t many really.
‘They’ve got Aubameyang, but with him you’re not going to get as much as you’d like because, currently, he’s only got a year left on his contract.
‘Probably the asset will be Lacazette. I know Juventus were interested in maybe buying him.
‘Sometimes you have to lose a player to bring players in. You do need to freshen up the dressing room.
‘I like Lacazette, he’s a decent player, but we have Eddie Nketiah and it’s all about whether he can step up now and improve as a centre-forward.
‘That’s what Arteta will be looking at in training, “is he good enough to play week-in week-out as a striker?” Probably not at the moment, but he can improve and probably can do in a couple of years’ time.”