Currently guaranteed a spot in the Europa Conference League, Lyon could secure a place in the Champions League qualifiers if they win their final game of the season against Lens on Sunday.
But for the French side to be licensed in UEFA competition, they would first have to prove they have complied with UEFA's sanctions.
UEFA’s Club Financial Control Body (CFCB) announced sanctions against Lyon, Aston Villa and Chelsea for breaking financial sustainability regulations last July.
The CFCB laid out a scale of penalties if the clubs weren't able to comply with certain conditions over the next four years, and for the Ligue 1 side, that meant injecting €60m by July 15 last year and converting it into equity by October 15.
According to The Telegraph, Lyon did not fulfil that requirement, with the severity of the punishment set to be decided by how far short the club might fallen.
Lyon are a club in financial turmoil after announcing losses of €186m for the second half of last year alone, and the added threat of being expelled from Europe would make their situation worse.