Celtic sold the striker for just under £20m tonight.
The deal comes within hours of the French transfer window closing.
In a statement Lyon wrote: “Olympique Lyonnais is very pleased to announce the transfer of international hope Moussa Dembele from Celtic Glasgow for €22m.
“Requested by many European clubs, Moussa Dembele signed a five-year contract with OL, that is until June 30, 2023.
“Aged 22, Moussa Dembele was trained at PSG alongside Adrien Rabiot and Kingsley Coman.
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“He began his professional career at age 17 with Fulham before joining Celtic in 2016.
“Scorer of 70 goals in 158 matches with Fulham and Celtic, Moussa Dembele won two Scottish Championships, two Scottish Cups and one League Cup with Celtic.
“He played 24 European games with Celtic, scoring eight goals.”
Celtic’s cash windfall will not be reinvested in signings before the midnight transfer deadline.
However, the club have gone see way to covering for the lack of Champions League revenue this season, having failed to qualify for the competition.
Rodgers has endured a mixed start to the season and heads into the first Old Firm clash of the new campaign seeking a morale-boosting win.
As for Dembele, he will sign a five-year contract at Lyon and will likely make his debut after the international break, in a game with Caen on September 15.