A Lyon statement said that the winger, who can also play as striker, will join on a deal through to June 2019 provided he passes a medical at the start of next week.
The 27-year-old Beauvue, who had been closely watched by clubs in the English Premier League, was also wanted by Marseille and had been offered a lucrative contract by Qatari side El Jaish.
But the Guadeloupe native was persuaded to move to Lyon, who will be back in the Champions League next season after finishing second in Ligue 1, because of the prospect of playing alongside Alexandre Lacazette in attack.
Beauvue scored 27 goals in all competitions last season, including 17 in Ligue 1, a figure that equalled the record for a Guingamp player set by Didier Drogba in 2003.
He is Lyon's second summer signing after that of defender Jeremy Morel from Marseille.