The Gunners are expected to be active in the transfer market this summer, and Oxlade-Chamberlain has acknowledged that he has been impressed by both Frenchmen.
The 23-year-old told the London Evening Standard: "Anyone would want them in their team. First and foremost, Mbappe has been a phenomenal revelation this season at such a young age. It is hard not to watch him closely. He is scoring so many goals and every week, it's in your face.
"I have been monitoring him and he really is a quality player. I feel the same about Lacazette. I have seen him for a good few years now and he is always scoring goals."
Oxlade-Chamberlain could come up against both players when England play France in Paris on Tuesday night.