The attacking midfielder is poised to leave Lyon this summer after failing to complete his proposed Liverpool switch 12 months ago.
Fekir is now being courted by three teams in Spain, including Betis, Sevilla and Valencia.
Betis lead the race for the Frenchman this summer after offering between €25m (£22.4m) and €30m (£26.9m).
The Spanish outfit are also ready to offer Fekir €7m (£6.2m) in wages.
However, France Football claim the Lyon man is weighing up his options due to recent interest from Arsenal and AC Milan.
Fekir is ‘hoping for more’ than a move to Betis, due to the fact the club are not a recognised European heavyweight.
Jorge Mendes is now also said to have stepped in to try and sort negotiations.
The Portuguese superagent is on hand to try and facilitate a move to a ‘European top four’ club.
Fekir is said to be happy to wait and see if a move to a bigger club materialises before accepting Betis’ offer.
Lyon could end up tying Fekir to a new deal this summer in case they are forced to let him leave next summer on a free transfer.
Arsenal are unlikely to be able to sign the former Liverpool target this summer as Unai Emery battles on with a limited budget.
The Spaniard has around £45m to spend at present.
And Arsenal are in need of defensive reinforcements more than anything this summer.
Mesut Ozil, who shares the same position as Fekir, looks set to stay at the club.
And the German’s wages mean Arsenal cannot pay mega money to a similar type of player at present.