Lacazette’s current deal at the Emirates Stadium expires at the end of the 2021/2022 season.
The 30-year-old France international joined Arsenal from Olympique Lyon in the summer of 2017 and has won one FA Cup at the club.
Lacazette is yet to start a Premier League game this season but came off the bench to rescue a point in the 2-2 draw against Crystal Palace on Monday. He has also scored twice in two Carabao Cup games this season.
Speaking ahead of Arsenal’s Premier League game against Aston Villa on Friday, Arteta said of Lacazette’s contract situation: "It's the situation that we have and we have to accept it.
"I cannot ask anything from the player… and it's not an individual situation because it has a knock-on effect.
"All of this we have had to deal with in the past and still now, we have to see what the best option is for everybody at the end of the season.
"I had no doubts about that [his motivation] and if I did I would probably have decided to do something different in the summer if the motivation was just his financial future.
"It's not the case with Laca and he has shown that since I've been here every single day and he remains a really important player for us.
"I think he was able to transmit that energy [against Crystal Palace] and that was contagious for the rest of the team and for the stadium.
"He created a different atmosphere straight away, with his determination and his quality and he tried to change the result straight away and [had] that belief in himself that he could do it."
When asked whether it is impossible that Lacazette will be offered a new contract, Arteta answered: "No. Anything is possible.
"He is our player, and I treat him like any other player, I'm not going to treat him differently because he has a year left or not a year left and that is what he deserves."
