The 19-year-old will finish the season on loan at the Ligue 1 club.
Most of the 20 top-flight clubs could be tempted into the market before the Tuesday night’s deadline passes.
Malo Gusto has become Chelsea's seventh signing of the January transfer window, but he will remain at Lyon for the remainder of the season.
The German has defended the Reds this season and reflected on his reign at Anfield