The Manchester United winger arrived in France yesterday for a medical ahead of the move to end his Old Trafford career.
The 22-year-old was deemed surplus to requirements by manager Jose Mourinho and has been searching for a new club for several weeks.
Manchester United's January transfer targets
Sun, December 25, 2016
Express Sport takes a look at the star players Manchester United could target in the January transfer window
1 of 7
Virgil van Dijk: The Southampton centre-half has been one of the stand-out talents so far this season and Manchester United face competition from Liverpool and Manchester City for the Dutchman’s signature. Although it will come at a price as the 25-year-old recently signed a six-year deal with Saints
And Aulas has expressed his delight at the deal.
He told French outlet RMC: “It was a dream, because he corresponds exactly with the player we were looking for. In addition, he has a certain panache.
Memphis Depay is edging nearer to joining Lyon
"It is true that Jose Mourinho did not play him that much, so there was an opportunity that we took when we negotiated with the representatives of Manchester United.
"For the moment, we are in agreement in principle but we still need to write the contract up, which is a bit complicated because there are a fair amount of bonuses."
Memphis Depay made 53 appearances for Manchester United
The Lyon president also revealed the total cost of the deal will be an initial £14.2million with £6.9m in add-ons and should be completed over the weekend.
He added: "It was big operation, because it will be worth around €16.5m plus €8m in bonuses.
"This is a big investment. Manchester United bought him from PSV for €34m plus €8m.
"I believe that a certain amount of the bonuses are due to PSV following a transfer. There is a whole load of literature to be written and that is what is happening between both clubs at the moment.
"But we are used to working with Manchester United, they are a very structured club who, generally, stick to their word.
"We worked with them for the arrival of Rafael, a little while earlier. It is in progress, but I think it will require another 48 hours for him to be registered.”