Lacazette is to form part of a three-man attacking line that also includes Mesut Ozil and Danny Welbeck, while Kolasinc will sit alongside Rob Holding and Nacho Monreal in an Arsenal back-three.
As for the visitors, the Foxes have also handed a club debut to centre-back Harry Maguire following his move from Hull City.
Craig Shakespeare has opted to leave new signing Kelechi Iheanacho on the bench, although supposed Roma target Riyad Mahrez features in a starting XI that also includes Jamie Vardy and Shinji Okazaki.
Arsenal: Cech; Holding, Monreal, Kolasinca; Bellerin, Elneny, Xhaka, Oxlade-Chamberlain; Ozil, Welbeck, Lacazette
Subs: Ospina, Giroud, Ramsey, Walcott, Iwobi, Mustafi, Coquelin
Leicester City: Schmeichel; Simpson, Morgan, Maguire, Fuchs, Mahrez, Ndidi, James, Albrighton, Okazaki, Vardy
Subs: Hamer, Chilwell, Amartey, King, Gray, Slimani, Iheanacho