If Arsenal are really keen on Lascelles and make a reasonable offer, that will be that. We can't really blame him if he wants to go, who wouldn't want to play for such a big club and for a manager who has made giving youth a chance his hallmark.
But if that's gonna happen then Fawaz has no choice but to match Reading's offer and keep Hobbs, given our gaping hole in that department if both he and Jamal leaves.
It would be strange and somewhat silly if Fawaz doesn't make a bid for Hobbs, and then either accepts one for Jamal or rejects it altogether. If we sell Jamal, we have to use the money to sign Hobbs permanently. It would be foolish not to.