The Gunners signed the France international in a £52m deal from Ligue 1 side Lyon in the 2017 summer transfer window.
His transfer fee was eclipsed when Arsenal spent a club record £58m on Borussia Dortmund forward Aubameyang in January.
The Gabon international netted 10 goals in his opening 14 games to move ahead of Lacazette in the pecking order.
However, new Arsenal manager Unai Emery has partnered the two prolific strikers in the north London side’s recent games.
Both Aubameyang and Lacazette got on the score sheet in Arsenal’s 2-0 win against Everton at The Emirates on Sunday.
Former Arsenal playmaker Nicholas urged Emery to stick with Aubameyang and Lacazette in his starting line up.
“Aubameyang feels a bit more comfortable with Lacazette in the team and playing slightly wider,” Nicholas told Sky Sports.
“I think it suits him better, he looks to be enjoying it more rather than waiting 15 minutes for a touch at number nine.
“They have got a bit of a partnership here, it’s not Andy Cole and Dwight Yorke but it’s heading in the right direction and that is the most positive thing for the Gunners.”
Lacazette has netted 19 goals in 45 games in all competitions since his move to Arsenal from Lyon last summer.
Arsenal in sixth place in the Premier League table and a point behind fourth-placed Watford in the Premier League table.
The Gunners haven’t won the title since 2003-04 when Arsene Wenger’s side finished the season unbeaten.
The north London side will take on Watford in their next Premier League fixture.
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