Dembele has established himself as one of the top prospects in European football during his time in Scotland, but Celtic find themselves in a position where they may be tempted into a sale.
The 22-year-old has less than two years remaining on his contract and there appears little enthusiasm to commit to new terms at the club, which has led to suggestions that Marseille may look to sign Dembele for a fee in the region of £17m.
However, according to the Glasgow Evening Times, Celtic are awaiting an offer from Lyon ahead of a possible bidding war between the two Ligue 1 clubs.
Reports have previously suggested that Celtic value Dembele at closer to £20m, and Lyon may be prepared to meet that fee as they search for a new striker before the end of August.
Dembele has scored 51 goals from 94 appearances in all competitions, but Celtic's failure to qualify for the Champions League could potentially result in the player's sale.