Fekir was seen as the likely long-term replacement for Philippe Coutinho, but after medical complications arose, the lucrative five-year deal was called off.
Despite going on to play a role in France's World Cup success, Lyon boss Genosio admits that the player may be struggling to deal with missing out on his dream deal.
"It's never easy accepting this kind of situation, when you are very near to signing for a club where you want to go," he said.
"Where you want to reach another level and to give a boost to your career."
"But as I said, it could have been worse for him. He is at Lyon, at a strong club, he is captain of a team who plays in the Champions League."
"This could be a very important season for Nabil. I haven't seen any attitudes or signs that make me think he won't live up to his role the way he did last year."
Fekir is due to make his return to the fold against Strasbourg on Friday, after enjoying a break following the World Cup in Russia.