Lyon president Jean-Michel Aulas confirmed Alexandre Lacazette has a verbal agreement to join Atletico Madrid, but the LaLiga club must first have their transfer ban lifted.
Lacazette scored a brace in what was likely his last Lyon appearance as his team were held to a 3-3 draw at home to Nice on Saturday.
The France international had said he would be leaving in the lead-up to that clash, and his exit was confirmed afterwards by Aulas.
While Lacazette will be allowed to leave, Atletico are unable to sign players in the off-season unless the Court of Arbitration for Sport (CAS) overturns a FIFA transfer ban.
"Alex has a verbal agreement with a club, Atletico, but there is no certainty, since we have to wait for CAS to lift the ban on recruitment," Aulas told L'Equipe.
"We accepted Alex's request to discuss exclusively with this club, but the other side of that is that this transfer is made on our terms."
Lacazette, 25, came through the youth system at Lyon and his entire professional career has been spent at the Ligue 1 giants.