The 26-year-old had been enjoying another prolific season for the French outfit before seeing it curtailed by injury, scoring 14 goals and providing two assists in 18 appearances across all competitions.
Memphis has rebuilt his career following an unsuccessful stint in the Premier League with Manchester United, but Spanish outlet Todofichajes claims that a return to the English top flight could be on the cards.
The Netherlands international is keen to leave the club this summer after seeing them fail to qualify for the Champions League next season as a result of the Ligue 1 campaign being cut short due to the coronavirus pandemic.
Lyon sat seventh when the season was cancelled with current positions counting, meaning that they will have no European football at all in 2020-21.
The London trio of Chelsea, Arsenal and Spurs are now weighing up a bid for Memphis and are hopeful that he could be available for a cut-price fee with his contract due to expire next year.
The Dutchman scored just seven goals in 53 appearances for United during his previous spell in England, but has had a direct hand in 96 goals from 134 outings since moving to Lyon.