Dembele has been touted with the move to the English Premier League, where some big clubs are eyeing attacking reinforcements after losing key players to injuries in recent weeks.
Manchester United have lost top scorer Marcus Rashford to a back injury which will keep him out of action until at least April while Tottenham Hotspur have been robbed off the services of Harry Kane until April.
Chelsea, who have been linked with Dembele in the past, saw Tammy Abraham pick up an ankle injury in the game against Arsenal on Tuesday night.
Lyon president Jean-Michel Aulas has maintained his stance that Dembele is not for sale.
Dembele helped Lyon reach the Coupe de la Ligue final against Lille on Tuesday, scoring a first half penalty before netting again from the spot in the shootout following a 2-2 draw.
Speaking after the game, the 23-year-old former Fulham and Celtic forward reiterated his desire to remain at the Groupama stadium until at least the end of the 2019/2020 season.
"I am a Lyon player and I will remain so until the end of the season,” he told reporters post-match.
"I do not think that there will be a departure this winter. Lots of things are being said but it's up to me to ignore that and remain concentrated on the pitch."
Dembele has scored 16 goals in 30 appearances in all competitions for Lyon this season.
