The 21-year-old graduated from his club's academy at the age of 16 and has since featured in over 140 competitive fixtures for the Ligue 1 outfit.
Cherki has spent a large chunk of the summer on international duty in France, where Les Bleus were gunning for gold at the 2024 Paris Olympics.
The Lyon man started one game throughout the tournament - the 3-0 battering of New Zealand in the group stage - with Thierry Henry's side collecting silver after losing to Spain in the final.
Scoring three goals and providing nine assists from 39 matches in Ligue 1 and Coupe de France last term, Cherki enjoyed his most productive season yet in terms of goal contributions.
According to the Daily Mail, Cherki could be heading towards a high-profile move to the Premier League in the closing stages of the summer window.
The report claims that Fulham and Lyon have agreed on a £12.7m move for the 21-year-old, with the French club set to pocket £4m in performance-related add-ons.
With the two clubs shaking hands on a deal, it is now down to whether Cherki wants to switch to Craven Cottage, something he is currently unsure of.
Marco Silva's side have already made a statement signing this summer, bringing Arsenal academy graduate Emile Smith Rowe across Premier League battlelines.
Girona 'agree' deal for Watford's Asprilla
Moving down into the Championship, Watford are supposedly set to lose star attacker Yaser Asprilla to a Champions League contender this month.
Bagging 14 goal contributions across all competitions last season, Yaser Asprilla was a shining light for the Hornets during a difficult 2023-24 term.
The Colombian also added to his international pedigree in the summer, although he only played 18 minutes of Copa America football in the United States.
As per transfer specialist Fabrizio Romano, Girona have agreed a deal with second-tier Watford for the sale of right winger Asprilla this week.
The report states that the 20-year-old travelled from Hertfordshire to Spain on Thursday to undergo a medical at Girona on the same day.
It is believed that the Champions League-bound side have beaten a number of other top-flight suitors to the signature of Asprilla this summer.
Bournemouth's Jebbison set to Championship loan?
Staying with Tom Cleverley's Hornets, Sky Sports News are reporting that Daniel Jebbison is moving to Vicarage Road on a season loan from Bournemouth.
The attacker left Sheffield United at the expiration of his contract earlier in the summer and joined the South Coast club as a free agent.
Despite featuring for 21 minutes during the Cherries' Premier League opener at Nottingham Forest on Saturday, Jebbison is not believed to be a major part of Andoni Iraola's plans.
As a result, the 21-year-old is preparing to swap the South Coast for Hertfordshire, where Watford will be looking to mount a promotion push.
Jebbison played 16 games in the Championship during the 2022-23 term as Paul Heckingbottom's Blades finished second behind title winners Burnley.