The talented France international won't be moving to the Premier League just yet after signing a five-year deal.
Arsene Wenger was said to be interested in a player that is undoubtedly one of the most exciting youngsters in French football right now, with reports in the Mail suggesting he was very much on the Londoners' shortlist before he signed a new five-year deal at the Stade de Gerland.
Portuguese goalkeeper Anthony Lopes and utility midfielder Corentin Tolisso also signed new terms at the Ligue 1 giants, ahead of the club's return to Champions League football next season after they finished as runners up to Paris Saint-Germain - something seen as essential in keeping them at Lyon.
PSG were also linked with 21-year-old Fekir, who had an outstanding breakthrough campaign in 2014-15, scoring 13 times in 34 league matches and also making his debut for Les Bleus and netting a goal early on in his international career.
Fekir could well be given an even greater role for his hometown club next season, as rumours persist surrounding the future of his Lyon teammate Alexandre Lacazette, who the Independent has said was considering handing in a transfer request.