Lacazette set to become Arsenal's second signing of the summer transfer window.
Lehmann was part of the Arsenal Invincibles squad.
Mahrez has already signalled his desire to leave Leicester this summer.
Lacazette will travel to London in order to complete his Arsenal medical.
The Gunners had a previous bid of £87m turned down in June.
Bellerin has been a regular in the Arsenal first-team squad.
Manchester City, Celtic, Everton and Dortmund were also interested in the forward.
Sanchez is currently away with Chile at the Confederations Cup.
The Gunners are under pressure to make key additions following last season's fifth place finish.
Arsenal made £30m bid for Lemar, which was turned down by Monaco.
Ex-Arsenal academy manager Andries Jonker is in charge of Wolfsburg's first team.
Sport claims that the Leicester City star could complete a £35.2m move to the Gunners this week.
Vidal and Sanchez are currently on international duty at the Confederations Cup.
Willock, 19, made two appearances for Arsenal in the EFL Cup last season.
Arsene Wenger has reportedly placed the out-of-favour Martial on his wishlist.
Gunners readying £21m bid to sign Goretzka, according to reports.
Gunners confident of landing Lacazette in coming days.
Arsenal are under pressure to meet the Premier League's new wage control rules.
Mahrez had previously signalled his intentions to leave the 2016 Premier League champions.
PSG are said to have submitted a world-record €135m bid for Mbappe.
Japan international set for another year in Germany having yet to become eligible for a work permit.
Sources tell Le Parisien Mbappe wants to play for Real Madrid or Barcelona by the time he is 22.