Lacombe, who serves as special advisor to Lyon president Jean-Michel Aulas, reckons the 25-year-old is "less hot" for a transfer to White Hart Lane now the French season is under way.
But he admits things could change if Spurs sell Luka Modric to Real Madrid and then return to Lyon with an improved offer for the France shot-stopper.
Lacombe told French radio station RMC regarding Lloris: "He should stay at Lyon and not join Tottenham.
"Until the transfer window closes, you never know. If Modric goes to Madrid, things may move forward.
"But as he has started the Championship, Hugo is less hot to leave. He wants to continue at Lyon.
"We hope so, unless there is a very important proposal for him and for us. Their (Tottenham's) proposal was well below our valuation for our goalkeeper."
Lyon, meanwhile, have also ruled out the possibility of letting Clement Grenier move to Nice after Yoann Gourcuff was sidelined for up to three months with a knee injury.
But the club admit defender Aly Cissokho, who has in the past been linked with Newcastle United among a host of Premier League clubs, could leave.
If the 24-year-old does move on, Lyon would look to sign Nice's Fabian Monzon in a swap deal for Jeremy Pied.
Lacombe said: "There is a good chance for Aly to leave. If Aly leaves, we could hire Fabian Monzon to replace him."
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.