Lyon president Jean Michel Aulas has accepted Fekir will leave this summer and won't price him out of a move away.
Arsenal are keen on the France international, who can be signed inside their £45m budget. Aulas wants €33m to sell his former OL captain.
Just last week, former OL coach Bruno Genesio admitted Fekir wanted to leave after his move to Liverpool fell through a year ago.
He said, "Nabil arrives at the end of a cycle in Lyon. He proved a lot of things. I think he needs to know another challenge, to push his limits, to also have a questioning.
"Because we know, we always need a personal challenge in a career. Nabil was very frustrated by his non-transfer to Liverpool a year ago."