The Argentine is valued at around £14 million and both Roy Hodgson and Harry Redknapp are said to be very keen on making a move in the window.
The 27-year-old Lopez has collected seven international caps for Argentina and been widely tipped for a move to the Premier League.
Lopez is said to have fallen out with Lyon boss Claude Puel, and the club are thought to be willing to let me go for a reasonable fee.
The striker scored 24 goals in 49 appearances last season.
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Cesc Fabregas claims Real Madrid tried to sign him over the summer. (Daily Mirror)
The Arsenal midfielder told Spanish newspaper Marca about a tug of war between Madrid and Barcelona for his services.
"It's hard to say who showed more interest in me," he said.
Source: DSG