Arsene Wenger is reportedly ready for a return to the touchline after Lyon dismissed manager Sylvinho on Monday.
However, despite being considered an "attractive option," the former Arsenal gaffer is believed to be behind former France manager Laurent Blanc on Lyon's list of targets, according to Julien Laurens of ESPN FC.
Blanc, who has not managed since leaving Paris Saint-Germain in 2016, is considered the top candidate to replace Sylvinho and is expected to discuss the role with Lyon officials on Tuesday.
The outcome of that meeting could determine if Lyon turn their attention to Wenger and other possible candidates.
It's understood Lyon want to appoint a new manager by the end of the week, Laurens adds.
Wenger has been out of work since ending his 22-year association at Arsenal in 2018. The 69-year-old recently revealed to Sky Sports that he has turned down offers to return to the Premier League because he is "too linked with Arsenal."
Lyon are in search of a new manager after relieving Sylvinho of his duties just 11 matches into his first season at the club. The Brazilian won his first two league matches in charge before a six-match winless run resulted in Lyon moving on from the 45-year-old.
Lyon sit 14th in Ligue 1 with just nine points from nine matches.