The 22 year old has been heavily linked with a move to Arsenal in recent months after declaring it would be a “dream” to play for the Gunners.
The Italian website reports that Juve had a loan offer rejected just before the transfer deadline on Tuesday night. They offered €10m up front plus €30m in the summer, and another €5m in bonuses.
Lyon president Jean-Michel Aulas is holding out for €40m (£34m) without any strings attached. It is a valuation that the Bianconeri are looking to negotiate on, or failing that, to propose a first option clause to avoid a battle with the likes of Arsenal for his signature.
Tolisso has played in 28 games in all competitions so far this season, scoring eight goals and providing three assists. He has a a contract until 2020 so Lyon are in a strong position to negotiate a high transfer fee.