The Gunners signed the 26-year-old in a club-record £52m deal from Ligue 1 side Lyon last month as Arsene Wenger finally recruited a proven centre-forward.
Lacazette scored 37 times in 43 games in all competitions last season to finish up as one of the most-prolific strikers in European football.
The France international left Lyon in July having scored 100 times in 203 appearances in Ligue 1 since making his debut back in 2010.
Lacazette made his competitive debut in the Community Shield last weekend as Arsenal continued their excellent record at Wembley in recent seasons.
The Gunners beat Chelsea on penalties after Sead Kolasinac cancelled out Victor Moses’ opener in normal time at the home of English football.
Speaking to BBC Sport about Arsenal’s new signing Lacazette ahead of the start of the 2017-18 season, the Premier League’s record goal-scorer Shearer said:
“I liked the look of Alexandre Lacazette’s link-up play in the Community Shield and he adds something different to the Gunners’ attack but, at the moment, it does not seem that much else about Arsenal has changed.”
Shearer added: “Even if they keep all three of those players for this season, I still don’t see them having enough to challenge for the title.”
Arsenal finished in fifth place in the Premier League table last season, relegating the Gunners to the Europa League for the first time under Wenger.
The Gunners made a humiliating exit from the Champions League after a 10-2 loss to Bayern Munich but the north London side were 2-1 winners against Chelsea in the FA Cup.
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