The 23-year-old defender has attracted interest from a host of European clubs after a series of impressive performances for the Ligue 1 outfit this season.
AC Milan have been credited with an interest in signing the Croatian international, while Premier League rivals Everton and Liverpool are also believed to be monitoring Lovren's situation.
Chelsea owner Roman Abramovich is reportedly keen to bring the Lyon star to Stamford Bridge this summer, as he seeks to further strengthen the Blues squad ahead of a renewed push for the domestic title in 2013/14.
John Terry has just 12 months remaining on his contract in west London, and Lovren is believed to have been identified as a long-term successor for the Chelsea captain.
Lovren is under contract at Stade de Gerland until 2016, but that won't stop a clutch of clubs from scrambling for the player's services when the transfer window reopens on July 1.
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