Ghezzal was linked with a move to Everton in the summer.
However, despite the Toffees agreeing a £12million fee for the winger, he turned down a move to Goodison Park.
The Algeria international's contract expires at the end of the season with Ghezzal expected to leave as a free agent in the summer.
Arsenal are keen on signing Lyon ace Rachid Ghezzal
Rachid Ghezzal snubbed a move to Everton in the summer
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It is said the player's representatives are in talks with the Gunners over a move to the Emirates.
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A clear hint the player is expected to depart Lyon came yesterday.
Manchester United have sold Memphis Depay to Lyon
The Ligue 1 side are preparing for his departure after splashing the cash to sign Memphis Depay from Manchester United.
Depay will be a long-term replacement for Ghezzal should, as expected, the player leave the Parc Olympique Lyonnais stadium.
Everton remain interested but, given the player snubbed them in the summer, are not hopeful of a deal.