Verdict?
When Arsenal sold Robin van Persie to Manchester United, it allowed the Red Devils to win the Premier League title virtually unchallenged as the Dutchman won his second PL Golden Boot in as many years.
Wenger cannot afford to - nay, must not - lose Alexis in the same manner. The only difference is that this is a scenario they face midway through the season rather than the summer.
Without a suitable replacement on hand, selling Alexis would defeat their own ambitions of becoming a top tier club that is an attractive proposition for any star.
How can they hope to convince Mesut Ozil to sign a contract extension when you sell the club's next best and arguably only other world class player?
Bordeaux forward Malcom has been linked but the 20-year-old Brazilian is one for the future rather than an experienced player who can immediately slot in and deliver like Alexis does.
This side is bereft of potential goal threats. Apart from Lacazette's struggles, Olivier Giroud is injured, Danny Welbeck is highly inconsistent and Theo Walcott finally looks set to depart with Everton interested in his services.
Ultimately, the club must put its foot down and ask him to see out his contract if they really want to compete. But knowing Arsenal's propensity to sell and recoup money, it is inevitable that Alexis could be sold before Deadline Day.