The reported Queens Park Rangers target was believed to be on the verge of a move to Russian outfit Rubin Kazan, after they offered the French side a larger transfer fee than their Premier League rivals.
Arsenal, Tottenham Hotspur, Fulham and Reading have all been linked with a move for the 22-year-old, and general manager Pierre Dreossi says that M'Vila will have left the Ligue 1 club by the weekend.
"It is complicated, but we are still in negotiations," said Dreossi. "It is not agreed yet, there are delays in payment, everything. I hope we will find a solution.
"Also a new offer came in England and that could be interesting but Rubin Kazan is the priority, and we are negotiating so I expect the player to tell me he has reached an agreement with the club so we can finish the negotiations.
"QPR? I met with them for a long time [on Monday] but I think they will withdraw and I have not heard from them since. The new English club? This is not Newcastle - but no matter, M'Vila will leave and it will be finished before Saturday's game."
M'Vila has 22 caps for France.