Lacazette who is set to be out of contract after the season has still not been presented with a new deal by the Gunners.
Reports are that Arteta has given the green light for the French man's exit from the club.
Arsenal are said to be linked with Everton striker Dominic Calvert-Lewin and Ollie Watkins of Aston Villa to replace Lacazette.
But Campbell is of the view that En-Nesyri will “definitely carry a threat” should he arrived at the Emirates Stadium.
“‘Good player, really good. For me, he would definitely come in and carry a threat. I will tell you that much,” Campbell told the Highbury Squad podcast.
“He will carry a threat top end of the pitch. He has good size, speed, knows where the goal is, he is skilful too.”
En-Nesyri who is reportedly valued at €45 million scored 24 goals for Sevilla last season and has found the net three times in six games so far this term.
The Moroccan joined Sevilla for a reported €20 million, on a contract lasting to June 2025 in 2020 from Leganes.
Arsenal sit 11th on the table with 10 points and will return to action when they host Patrick Vieira's Crystal Palace on October 18th.
