Lacazette joined Arsenal from Lyon in a then-club-record deal last summer after being tracked by Wenger for years.
However, he faced increased competition for a starting spot at The Emirates following Arsenal's signing of Aubameyang from Borussia Dortmund in the January transfer window. This led to Lacazette dropping to the bench.
Nicholas has now taken aim at Wenger's decision to leave Lacazette out in favour of Aubameyang when asked to name Arsenal's player of the year.
Speaking to Sky Sports, Nicholas said: "I don't think anybody has earned the tag of player of the year".
"I think a lack of respect was shown to Alexandre Lacazette by dropping him for Pierre-Emerick Aubameyang, but they have proved they are better together".
'Mesut Ozil hasn't had a great season but he has still been the best creative player, but I have to abstain as none of them deserve it'.
Wenger spent over two decades in charge of Arsenal and bowed out with a 1-0 victory over Huddersfield Town.
Arsenal are yet to confirm who their new manager will be after Wenger stood down at the end of the campaign after nearly 22 years at the club. Winning football games is what makes me happy and the boys did it. Do I feel relief?
"It will be hard to adjust [to life after Arsenal], of course, but I will have to deal with that". I will remain an Arsenal fan above everything else. Whether that is managing or not...
"It's going to be tough to replace Wenger after so many years and success but I think Luis Enrique would do it well there".