It was widely reported on Thursday night that Liverpool had agreed terms with the 24-year-old over a deal which could be worth as much as £60m.
Fekir was expected to complete the move before the end of this week, with Liverpool eager to get it finalised before this summer's World Cup, but Lyon have now rejected reports that the deal is done.
"The information on the transfer of Nabil Fekir is false. Olympique Lyonnais categorically denies the false information disseminated by many media about the transfer of Nabil Fekir to the Liverpool club," read a statement on the official Lyon Twitter account.
"In this period of transfers where the slightest rumour is often presented as a reality, Olympique Lyonnais reminds that only the information broadcast by the club on its website is authentic."