Lacazette has been linked with a move back to his former club Olympique Lyon.
The 31-year-old scored 71 goals in 206 games for Arsenal after joining from Lyon in the summer of 2017.
His only major honour during his time in North London was the FA Cup in the 2019/2020 season.
‘With the club, we decided to go apart – the club taking a new direction but the end of my contract as well," Lacazette said in his exit interview with the Arsenal website.
'So now it is time for me to have a new experience, a new adventure.’
‘It’s complicated to choose one highlight when you live five years in a club with a lot of teammates and managers,’ Lacazette added.
‘It was a pleasure to play in a club that since I was young I dreamed about [playing for].
‘I want to say a big thank you [to the fans], because there were a lot of expectations for me when I signed. The welcome was amazing for me.
‘During my five years, it’s been amazing with the fans in the stadium. Thank you for the song as well, it touched me. A big thank you for everything.
‘I will keep in contact with my teammates, the manager and the club.’
Gunners boss Mikel Arteta said: ‘Laca has been a fantastic player for us.
‘He’s been a real leader on and off the pitch and has been a very important influence to our younger players.
‘His commitment with us has been exceptional and we wish him and his family success and happiness.’
Technical director Edu added: ‘A big thank you to Laca from everyone at Arsenal.
‘He’s been really important for us. He will always be part of the Arsenal family and we wish him well for everything in the future.
