The former Brentford winger has been bumped down the pecking order by summer signing Mohammed Kudus this season and has been tipped to seek pastures new for the entirety of the January window.
Links with Marseille, Everton and Saudi Arabia led to nowhere, but according to BBC Sport, Ligue 1 strugglers Lyon have now shaken hands with the Europa Conference League champions over a deal.
The report claims that Benrahma will join the seven-time French champions on an initial loan deal, and Lyon will be obliged to make his stay permanent for £15m at the end of the season.
While everything is in place between the two clubs, Benrahma has not yet given the deal the green light, as Lyon currently sit 16th in the Ligue 1 table and are being threatened with an unthinkable relegation to Ligue 2.
The 28-year-old has scored 24 goals and set up 19 more since initially joining the Irons on loan in 2020, but he has made just five Premier League starts in the current campaign.
While David Moyes's side will happily part ways with Benrahma, the capital outfit have supposedly rebuffed a Crystal Palace enquiry for right-back Ben Johnson.
Like Benrahma, Johnson has also been on the fringes of the Hammers team this season, making a mere 11 appearances in all tournaments and playing just 110 minutes in the Premier League.
Injuries have not helped the 24-year-old, but he is now in the final six months of his contract and can walk away for nothing in the summer, giving West Ham a financial incentive to find him a new club in the coming hours.
However, The Athletic claims that West Ham have knocked back an approach from London rivals Palace for the Englishman, as the Irons are hoping to tie him down to an improved contract in the near future.
Johnson has made 95 appearances for the Irons since coming through their youth system, and he will be expected to start against Bournemouth on Thursday night due to Vladimir Coufal's suspension.
Despite failing to land Johnson, Palace strengthened their right-back ranks on Tuesday, confirming the signing of Colombia international Daniel Munoz from Genk.
At the other end of the field and the other end of the British Isles, Celtic are said to be on the brink of signing Norwich City striker Adam Idah on loan.
It has been just under 12 months since Idah committed his long-term future to the Canaries, signing a new deal until 2028, and he has seven goals to show from 34 matches in 2023-24.
However, only 12 of Idah's 28 Championship appearances this season have come from the first whistle, as David Wagner also has Ashley Barnes and Joshua Sargent battling for starts in the number nine position.
According to the Daily Record, Celtic will soon add Idah to their ranks for the remainder of the season, and the Bhoys will also possess the option to sign him permanently at the end of the campaign.
Idah is supposedly attracted to the prospect of competing for trophies with Celtic, who have batted away interest from clubs in England and elsewhere to capture the Republic of Ireland international.
Idah left Irish outfit Corinthians in 2017 to join the Carrow Road academy and has since donned the Norwich jersey 115 times in all tournaments, scoring 17 goals and setting up four more.
Across the Old Firm border, Rangers have supposedly rejected an offer from Nottingham Forest to sign goalkeeper Jack Butland on loan.
The 30-year-old has been Philippe Clement's unchallenged number one since joining in a free transfer from Crystal Palace last summer, keeping 18 clean sheets in 36 appearances in all tournaments.
Butland boasts a Scottish Premiership-high 14 clean sheets from just 22 top-flight contests, and Rangers have conceded a league-low 11 goals with the England international in between the posts.
Despite Butland's status as an indispensable player for Rangers, STV News claims that Forest tested the Gers' resolve with an approach to sign him on loan for the rest of the campaign.
However, Rangers swiftly knocked back the enquiry, and Butland is also determined to continue coming good for Rangers in the hope of forcing his way back into the England squad for Euro 2024.
The former Manchester United loanee has played nine times for his country since making his debut in 2012, but he has not been called up to a Three Lions squad since June 2019.