Arsenal were credited with holding an interest in the 22-year-old full-back.
Arsene Wenger was said to have turned his attention to Corchia as Bacary Sagna's future at Emirates Stadium remained shrouded in uncertainty.
He appears to have curbed transfer talk by revealing that he remains in discussions regarding a contract extension, and that has led Arsenal to cool their interest in potential replacements.
They would, however, have faced a tough task luring Corchia to England, with Lyon having all but secured his signature.
The player has set his heart on a move to Stade Gerland and all parties can now press ahead with pushing a deal through.
Corchia's representative Francois Gilles said: "Sebastien has chosen. Lyon is the future, this is what he wants (and) is what he has planned. I can at least confirm that today."