Jean-Michel Aulas has claimed that talks between the two clubs are "at a standstill".
"The deal is at a standstill, there is no way forward," he told Lyon's official website.
"The deal will certainly not be closed during the World Cup and I don't think there will be any change before the World Cup.
"We haven't set a price tag because we haven't discussed [Fekir's transfer] yet."
Lyon are said to value the playmaker at around £60m.