The 30-year-old has entered the final 12 months of his deal with the Gunners, who are running the risk of losing him on a free transfer at the end of the current season.
Lacazette has been strongly linked with moves to Barcelona, Atletico Madrid and West Ham United as his Gunners career appears to be drawing to a close, and Arteta has refused to give anything away regarding what decisions will be made.
Speaking to reporters ahead of Sunday's North London derby with Tottenham Hotspur, Arteta said: "We discuss that internally and we discuss that with him. It's a long season ahead of us, everything can happen, everything is open."
When asked if Lacazette could make his first Premier League start of the season this weekend, Arteta responded: "Everybody has a chance, but obviously we're not going to tell you what we are going to do in terms of the lineup. There are a few positions where we are deciding, and we hope to make the right decision."
Lacazette scored the winner from the penalty spot in last year's 2-1 Emirates victory over Tottenham, and he boasts four goals from his last six North London derbies in the Premier League.