Chelsea will earn 15 percent of any profit from a future sale of the player and the English champions will have first refusal on Traore should he eventually move on, Lyon president Jean-Michel Aulas said at a press conference to announce the signing.
Traore is Lyon’s second summer signing following the arrival of Brazilian left-back Fernando Marçal from Benfica.
Lyon begin pre-season training on Tuesday but Traore will not join up with his new team-mates until July 10.
Meanwhile, Aulas confirmed that Lyon are in talks with Real Madrid about the potential signing of forward Mariano Diaz.
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