The 28-year old Cameroon international has had a productive season in Ligue One, finding the back of net 13 times.
With one year remaining on his contract, Palace could get Moukandjo for the cost price of £4.5million.
Palace boss Sam Allardyce will be looking to add to his arsenal over the summer given his lack of productivity up front this season. Christian Benteke, who arrived at Selhurst Park from Liverpool in the summer, leads the club with 16 goals. The next closest is winger Wilfried Zaha, who has scored 6 goals.