The Gunners are in talks over a deal for Lacazette, who saw a proposed move to Atletico Madrid fall through after the Court of Arbitration for Sport upheld a transfer ban on the Spanish club.
But Aulas told L’Equipe it is “premature” to suggest the France international will end up at the Emirates and even suggested Atletico could resurrect a deal in January once the embargo is lifted.
He said: “I do not intend to cede Alexandre quickly, because there is always the will of Atletico Madrid to bring it to January 1. Now I also listen to what Alexandre says.
“I saw Arsene Wenger during the France-England match [on June 13]. I was with [Aulas’ adviser] Gerard Houllier and I understand he told Gerard there could be interest from Arsenal, but it’s premature to say that things will happen.
“We are talking about 50m to 60m euros [£44m-£53m], Arsenal are ready to pay for Lacazette. It will have to be at least that.
“Everyone knows that Atletico’s offer is 53m euros plus 12m bonus. That’s 65m euros [£57m]. As the leaders of Arsenal are well informed, they will be in those waters.
“But frankly I have not thought about Arsenal for the moment. I thought Alexandre would stay because of the failure, initially, with Atletico Madrid.”