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The French giants are not in a good place, sitting bottom of Ligue 1 after picking up just one point from their opening four matches.
This led to Blanc leaving his post by mutual consent earlier this week, although a search for his replacement was underway even before then.
Reports emerged last week that Graham Potter was approached about a move to Lyon, but the Englishman turned it down.
Now another former Chelsea manager is being linked with the Lyon role – as Frank Lampard is being considered by the hierarchy at the club, according to 90min.com.
Lampard had a pretty disastrous season last time round, beginning it in charge of Everton before being sacked in January.
He then returned to Chelsea as interim manager between Potter’s spell in charge and Mauricio Pochettino taking over in the summer.
That stint in charge at Stamford Bridge did not go well at all, with just one win in 11 matches, losing eight of those games.
Also in contention for the job is former AC Milan, Napoli and Valencia manager Gennaro Gattuso, who has been out of work since January.
However, any candidate may be put off by the boardroom spat between current president John Textor and former president Jean-Michel Aulas, which is not aiding the concerning financial situation they are currently in.
MORE : Former Chelsea manager Graham Potter rejects Lyon approach
MORE : Christine Lampard and husband Frank have a hoot with rarely-seen kids on summer trip to NYC
MORE : Chelsea star Ben Chilwell reveals the two Manchester United legends he looked up to growing up
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