Lacazette has just over one year left on his contract and has been regularly tipped as a candidate to leave the Gunners at the end of the season.
Arsenal would need to sell Lacazette then if they were to recoup a meaningful transfer fee for him, but while Arteta refused to rule out that possibility, he was positive about the forward.
Lacazette netted from the penalty spot in the comeback win at Leicester City on Sunday. He has 11 goals in all competitions this season and 59 since he signed from Lyon in 2017.
"He's got a contract with us," Arteta said about the 29-year-old striker. He played really well the other week. It's exactly what we demand him to do. "
"I'm really happy with him and the discussions about his contract will happen soon and we will see what happens."