The 22-year-old was part of the Les Gones side that were dumped out of Europe's elite competition after losing 2-0 to Real Sociedad on Wednesday that contributed to a 4-0 aggregate defeat.
Despite the club's absence from the tournament, Grenier is adamant that he will stay at the Stade de Gerland.
"There is no question to ask. I will stay at least one more season," Grenier told RMC Sport.
"It will be complicated [when I want to leave], but then I must ask the president. But I am happy in Lyon."
Grenier was linked with a move to Arsenal earlier this summer.