Last season, Chadli played just 216 minutes of Premier League football as the Baggies were relegated from the top flight.
The 28-year-old is likely to be allowed to leave The Hawthorns during the summer, and according to France Football, Lyon are showing an interest.
The French outfit are said to be keen to sign a wide player before the start of next season, and Chadli's performances for Belgium at the World Cup have seemingly led to him being placed on the club's shortlist.
Chadli made five appearances as his country reached the semi-finals of the competition before losing to France on Tuesday night.
The player has two years remaining on his contract but a relegation release clause of £17m could be triggered by Lyon or another interested club.