Lacazette’s current deal with the Gunners is due to expire next summer.
The Frenchman is allowed to speak with foreign clubs from January 1 as he is in the last months of his contract.
Due to Mikel Arteta’s preference for Pierre-Emerick Aubameyang as his top 9, Lacazette has seen his playing time reduced this year.
The Gunners want to bring in a new striker this January with the likes of Everton’s Dominic Calvert-Lewin and Lille’s Jonathan David all linked to the Emirates.
And Campbell believes Lacazette has no future at the Emirates and will certainly leave the club and predicted that his exit may allow two to three new signings.
“January is very close and Lacazette only has six months of his contract left. He needs to look at what is best for him,” Campbell told Football Insider.
“He is one of the big earners at Arsenal. I believe his wage could probably be used to bring two or three players in.
“It is a case of freshening things up. His replacement needs to be younger. That will improve the team even more. It is a normal trade that has got to happen.
“Lacazette is going to go and when he does that will make room on the wage bill for new signings.”
Lacazette has also been linked with a move to Spanish giants, Barcelona.