The 25-year-old, who previously played in Turkey with Trabzonspor, joined Lorient in 2015 in a four-year deal but his side suffered an underwhelming campaign in Ligue 1 last season, failing to avoid relegation after losing their playoff game to Troyes.
Bursaspor initially expressed interest in Ghana captain Asamoah Gyan in a reported two-year contract worth £1.2 million. However, the former Sunderland star opted for an increase and Bursaspor subsequently backed down, opening the way for their rivals Kayserispor to sign him until 2020.
Waris scored nine goals for Lorient in 35 appearances last season and has confirmed his intention to leave the club.
The Ghanaian had an unimpressive campaign during his first stint in Turkey in 2014, failing to score a single goal in 18 games.
Goal sources have revealed that Bursaspor are willing to offer him a one-year loan deal if Lorient decline to sell the player.
Waris previously played for BK Hacken in Sweden and Spartak Moscow in Russia. He boasts of 22 appearances and four goals for Ghana.