The 20-year-old is attracting significant attention after putting in a number of impressive performances throughout the 2023-24 campaign.
Cherki made 33 appearances during the Ligue 1 season, registering one goal and six assists to help Lyon achieve Europa Conference League qualification.
The youngster also scored two goals and provided three assists in Lyon's Coupe de France campaign, which ultimately ended in a 2-1 final defeat to Paris Saint-Germain.
There is a possibility that his appearance in the final against PSG was his last outing as a Lyon player, with two Premier League sides ready to battle for his signature.
Liverpool, Tottenham make Cherki approach
According to Sports Zone, Liverpool and Tottenham have made contact with Lyon over a possible summer transfer for Cherki.
The two Premier League sides are believed to be showing the most interest, but French giants PSG are keeping tabs on his situation.
Lyon may view the summer window as one final chance to command a respectable fee for Cherki, with his contract set to expire at the end of next season.
There is little sign that the attacker will extend his deal, having made it clear that he wishes to leave Lyon in the upcoming transfer window.
Liverpool, Tottenham searching for attacking reinforcemnts
Cherki will offer versatility to any of his potential suitors, having shown that he can operate in an advanced-midfield role as well as on either flank.
Liverpool could decide to make a move for the Lyon man, with uncertainty surrounding the futures of Luis Diaz, Darwin Nunez and Mohamed Salah.
Diaz and Nunez have both been linked with moves away from Anfield, while Salah continues to attract interest from the Saudi Pro League as he enters the final year of his Liverpool contract.
There is also the possibility that newly-appointed Liverpool boss Arne Slot may view Cherki as someone who can help him stamp his identity on the side.
Meanwhile, Tottenham manager Ange Postecoglou is keen to strengthen his squad in his third transfer window at the North London club.
With Bryan Gil likely to depart, there should be space for Spurs to bring in a new attacking option ahead of the 2024-25 campaign.