The record winners are in the hunt for a ninth European title, while PSG are dreaming of lifting the coveted trophy for the first time in their history.
Match preview
Lyon are set to appear in a record 13th Champions League semi-final after they saw off Portuguese champions Benfica in the last eight.
Sonia Bompastor's side recorded a narrow 2-1 win in the first leg, before they produced a free-scoring display to claim a 4-1 victory in the return leg at Parc Olympique Lyonnais.
Lyon have reason to be confident ahead of their next two matches, having won each of their previous 10 European semi-finals, with three of those successes taking place against PSG.
They also carry significant momentum into the first leg after recording six consecutive victories in all competitions, including a dominant 6-1 win in Sunday's home league game against Saint-Etienne.
After winning the competition in 2021-22, Lyon are looking to advance to the Champions League final for the second time in three seasons.
PSG recovered from losing their first two group games to top a difficult group that contained Ajax, Bayern Munich and Roma.
Jocelyn Precheur's side then went on to claim a dominant 5-1 aggregate victory over Swedish side Hacken, largely thanks to a comfortable 3-0 win in the second leg at the Parc des Princes.
PSG have lost each of their last three semi-final appearances, with two of those defeats taking place against Lyon in 2019-20 and 2021-22.
As a result of those disappointments, PSG are looking to reach the final for the first time since 2016-17 when they finished runners-up to Lyon in the final.
Saturday's visitors can take confidence from the fact they have avoided defeat in each of their last 24 matches since losing to Bayern Munich in November.
Lyon Women Women's Champions League form:
W
D
W
D
W
W
Lyon Women form (all competitions):
Paris Saint-Germain Women Women's Champions League form:
W
W
W
D
W
W
Paris Saint-Germain Women form (all competitions):
Team News
The hosts could be without the services of Sara Dabritz, Sally Julini, Liana Joseph and Ada Hegerberg due to injury.
Lyon also have major doubts over the availability of Eugenie Le Sommer and Delphine Cascarino after the pair picked up injury issues while representing France earlier this month.
If Le Sommer and Cascarino are unable to start, Bompastor could opt to field a front three of Kadidiatou Diani, Vicki Becho and Amel Majri.
As for the visitors, their injury list features Pauline Dudek, Clare Hunt, Oriane Francois and Lieke Martens.
Goalkeeper Katarzyna Kiedrzynek is expected to start after dropping to the bench for the last two league games, and the Polish shot-stopper is likely to be shielded by a back three of Eva Gaetino, Elisa De Almeida, and Thiniba Samoura.
Marie-Antoinette Katoto and Tabita Chawinga will resume their formidable forward partnership, having scored 44 competitive goals between them this season.
Lyon Women possible starting lineup:
Endler; Carpenter, Mbock, Gilles, Bacha, Van de Donk, Horan, Egurrola; Diani, Majri, Becho
Paris Saint-Germain Women possible starting lineup:
Kiedrzynek; Gaetino, De Almeida, Samoura; Vangsgaard, Geyoro, Baltimore, Albert, Karchaoui; Katoto, Chawinga
We say: Lyon Women 2-2 Paris Saint-Germain Women
PSG may have failed to win their last five games against Lyon, but they went close to claiming an away win in February's meeting, taking the lead before conceding a 90th-minute equaliser.