Lacazette arrived at Arsenal in the summertime from Lyon for a membership file £52.7million.
The France global has his the bottom working within the Premier League, scoring 4 targets in his opening six video games.
But Hleb, who performed for the Gunners between 2005 and 2008, believes the 26-year-outdated isn’t any higher than fellow striker Olivier Giroud.
He advised The Independent: “The signings that did come thru are just right, like Alexandre Lacazette, however I will be able to’t say that’s a ‘fantastic’ signing.
“I’m partial to Giroud and I don’t assume Lacazette is healthier than him. I believe the 2 are at the similar stage.”
Hleb fears Arsenal can now not compete with the likes of mega-wealthy golf equipment Manchester City and Paris Saint-Germain within the switch marketplace.
“Football is a crazy world now,” Hleb added. “The marketplace is loopy, there’s simply such a lot cash concerned.
“Arsenal would have sought after to signal extra gamers but it surely’s too tricky to compete with the likes of Manchester City and PSG.”