The American businessman has required the Premier League's agreement, via his fellow Palace shareholders, to sign off the purchase which was announced in June.
On Thursday, French outlet Canal+ reported the takeover bid had failed.
“Fake News," he tweeted. “We have never wavered from our commitment to complete our investment in Lyon. Please rely only on our public statements, made through official channels and press releases."
The agreement for Lyon has been reported as worth £691million, after Textor bought a 40 per-cent stake in Crystal Palace almost 18 months ago.
Subsequent deals to buy Brazilian side Botafogo and Belgium's Molenbeek have continued his plans to build a multi-club model incorporating the Eagles.
Following the latest reports, Lyon stated that Textor remains on track to complete his takeover.
They told RMC: “Based on the information provided by John Textor, OL Groupe believes that there is a sufficient probability that a deal will take place quickly."