Jean-Michel Aulas has said the club will listen to bids for the French international and has put a £16m price tag on the keeper.
The highly-rated goalkeeper has been linked with top clubs across Europe and Arsene Wenger is thought to be one of the many admirers of the player.
However, Aulas has warned that clubs have two weeks to submit their interest in Lloris before or he will be staying at the Stade Gerland.
Aulas told the club’s official website: “Hugo told me he would like to leave if an offer comes in from one of the biggest five clubs in Europe. If one of these clubs makes an offer that matches his market value, in other words 20 million Euros then he can go. If there is no offer before July 15 he will remain at the club for the coming season. For the moment there has been no offer from Arsenal or anywhere else."
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