The Argentine striker has stated that he would like to stay at the club beyond 2014.
However, negotiations are believed to hinge on whether Les Gones qualify for the Champions League.
Remi Garde may be forced to sell the 29-year-old in order to save on his £250,000-a-week wages.
"My intention is to stay," Lopez told L'Equipe. "We're discussions to extend my contract for another season at least. We're on the same page, but nothing has been signed yet."
Lopez signed for Lyon from Portuguese side FC Porto in 2009.