The Argentine forward had indicated his desire for a move away from the Ligue 1 outfit this summer, and striker-shy Spurs had been mooted as a potential destination.
However, Lyon have confirmed that the 30-year-old, who moved to the club in 2009 as a replacement for Karim Benzema, has in fact opted to play his football in the Middle East.
A statement on olweb.fr read: "Olympique Lyonnais announce the transfer of Argentina international Lisandro Lopez to Al Gharafa for a net fee of €7.2m.
"The club accepted this transfer at the request of the player as president Jean-Michel Aulas had promised to respect whatever new direction he wanted in his career, given his professionalism, all he has brought to the club and the respect he has always shown to Lyon and their supporters."
Lopez scored 82 goals in 168 appearances for Lyon and was named Ligue 1 player of the year in 2010.