Arsenal head coach Mikel Arteta said the club must speak with Alexandre Lacazette to see if the forward wants to sign a new contract.
Lacazette is contracted to Arsenal until 2022 after arriving from Ligue 1 outfit Lyon in 2017.
The 29-year-old came off the bench and scored in Arsenal's 2-0 Premier League win over high-flying Wolves on Saturday.
Lacazette has only started two of Arsenal's last eight Premier League fixtures and Arteta acknowledged the Frenchman's future has to be resolved.
"We have to have a chat about the next step with him and get his ideas and his feelings. As I said, I am really happy with him," said Arteta, whose Arsenal face Leicester City on Tuesday.
"He's a player that I've always liked, even when I wasn't here, because of what he brings to the team: his qualities, his ability, his work rate. So let's see.
"Now we are in a crucial moment. It's no time to talk about a lot of contract situations. We still have time and we will do it in the right moment."
Arsenal are seventh in the Premier League after 33 rounds, three points adrift of sixth-placed Wolves and nine behind Leicester – who are third.