Cricket Australia will limit spinner Nathan Lyon's workload, meaning he will not be available for the full County Championship season.
Lyon, who has taken 530 Test wickets, is set to feature in Australia's five home Tests against India starting in November.
As a result, he will be free for seven of the first nine rounds of the Championship.
Lancashire is currently assessing options for an additional overseas player, particularly for the white-ball games.
Mark Chilton, Lancashire's director of cricket performance, confirmed that they are in discussions with potential signings and expressed excitement about retaining Lyon for part of the campaign.
The announcement follows Lancashire's decision to let spinner Jack Morley go to Derbyshire earlier this month, although England's Tom Hartley remains in the squad.