Hy Arman,
as far as I know there is no Workflow arounf the Product Lifecycle Status.
Instead there are two options you can choose monitoring changes on products.
1) Case management has some options also around product changes. Before using that you have to create a case process and sequence of activities to follow if a product change is requested. As I know there should also be an option to integrate with D365FO Workflow.
2) ECM - Engineering Change Management ist a process oriented Modul inside D365FO, which is just a few month available to handle Product Changes in a very professional way. In the processes inside ECM the product lifycycle status is also an important part of the processes. Here are two workflow integrated Engineering Change Request and Engineering Chance Order Approval.
