Lopez joined Lyon from Porto in 2009, but his stint at the Stade de Gerland has proved to be largely unsuccessful.
The Argentinian has been prolific in his time at Lyon, but has only been able to secure one major trophy, winning the Coupe de France in 2012.
His departure leaves Bafetimbi Gomis - whose proposed moved to Newcastle is on hold - as their only senior centre forward.
A statement on Lyon's official website read: "Olympique Lyonnais announces it's acceptance of a request made to president Jean-Michel Aulas, at the end of the May and again in July, by Lisandro Lopez to leave the club in the summer transfer window for personal reasons.
"Lisandro was authorised to travel to Qatar yesterday evening (Wednesday), where he must finalise the terms of a potential contract with Al-Gharafa and undergo a medical prior to his engagement with his new club.
"Olympic Lyonnais will reveal the conditions of the transfer agreement as soon as it has been confirmed.
"Lisandro will be present on Saturday at the Stade de Gerland for the match agains OGC Nice."
Lisandro scored 81 goals during his time at Lyon.
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