The Gunners trailed 3-2 with seven minutes to go before Aaron Ramsey and Giroud swung the game back in the home side's favour at a euphoric Emirates Stadium.
You would think from the size of the Arsenal squad that a lot of the transfer business that Arsene Wenger is planning to get done between now and the close of the summer transfer window would be to get a few of the lesser used Gunners out the door rather than bring any more in, but the boss has suggested this week that he is hoping to sign another player, but only one and only if he can get someone "exceptional". And in the end he made a decision to stay and it was one of the great days of the recent weeks for me.
"The spirit of the team was absolutely outstanding, we were punished on every single mistake by a Leicester team who was very efficient", he added.
"I can not go into the game with too many uncertainties". I had not chose to stay or to go.
"I feel that the goals we conceded, we can work to get rid of that", he said.
Two goals in the first 10 minutes and two in the last 10 - if that doesn't rekindle the excitement of Premier League football, not much can.
"Obviously I knew that I was going to have a chance so we tried to push".
Lacazette almost had his second of the night just minutes later, but Leicester keeper Kasper Schmeichel turned the shot aside, but Giroud beat the Dane with an exquisite header on the ensuing corner to give Arsenal the 4-3 victory.
Craig Shakespeare's Leicester side caused all sorts of problems for Arsenal's back three over the course of the game and went ahead for the first time in the game when Jamie Vardy put the Foxes 2-1 up in the 29th minute.
The Arsenal netminder was caught in no man's land for Leicester's opener as Okazaki sent a looping header into the net. He adapts slowly to the way we want to play.
Leicester manager Craig Shakespeare was good on his word and started Riyad Mahrez, despite the fact the Algeria global has asked to leave the club.
Olivier Giroud has been linked with a move away from Arsenal with the arrival of fellow Frenchman Alexandre Lacazette from Lyon. Although they have key players absent, they should be able to pick up three points on Friday night.
When asked if he expected Mahrez to stay, he said: "Who knows?"
"After that we get the efficiency".