The France skipper has been given permission to speak to Spurs as the club look to secure some new signings in the final week of the transfer window
The clubs had not formally agreed a fee on Tuesday night but the France captain has been given permission to talk to the London club ahead of the proposed transfer.
Lloris is understood to be keen on a switch to Spurs and chairman Daniel Levy is confident of tying up a deal as the club attempt to bolster their squad in the final week of the transfer window.
Spurs stepped up their pursuit of the 25-year-old on Sunday as manager Andre Villas-Boas decided he needed a long-term goalkeeper to replace 41-year-old Brad Friedel.
Tottenham had held talks with Lyon earlier in the summer over a €15m move for Lloris but the French club rejected the approach as they held out for €17m.
But Lyon are in need of cash after overspending in recent years and Lloris has declared his desire to push through a move to White Hart Lane.
Spurs are looking to re-invest the money from the €42m sale of Luka Modric to Real Madrid to build a squad that can challenge for the top four.
They could complete a deal to sign Fulham midfielder Moussa Dembele on Wednesday after meeting the €18.9m release clause in the Belgian midfielder’s contract, with the 25-year-old undergoing the first part of a medical on Tuesday night.
Shakhtar Donetsk attacker Willian is also expected to join in a deal worth around €18.9m while Barcelona attacker Ibrahim Afellay is an alternative target.
Villas-Boas also wants a striker but the club have accepted defeat in their attempts to sign Leandro Damiao from Internacional after the Brazilian club rejected an €22.7m bid.
Follow Wayne Veysey on