The Belgium international returned to France after struggling to establish himself at the Serie A side.
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Lyon paid a €3 million fee to secure the 26-year-old on loan, although the agreement does not include an option to buy.
However, journalist Sacha Tavolieri told Tutto Juve that a permanent transfer remains a realistic possibility, depending largely on the Ligue 1 side’s performances this season.
Openda previously impressed in Ligue 1 with RC Lens before moving abroad and will hope to rediscover his best form at the Groupama Stadium.
Should Lyon enjoy a strong domestic campaign and secure Champions League qualification, they could have the financial and sporting incentive to approach Juventus about signing the forward outright next summer.