PSG is said to have offered Gianluigi Donnarumma and Marco Verratti to Manchester City in exchange for Bernardo Silva.
The 28-year-old was instrumental in the Citizens' treble-winning season under Pep Guardiola in 2022-23, starting 24 Premier League matches and contributing nine goals.
Silva has appeared on 306 occasions for City since joining from Ligue 1 team Monaco in the summer of 2017, scoring 55 times and assisting the club to their first-ever Champions League win last season.
The Portugal international played the entire match against Inter Milan in Istanbul on June 10, completing the club's lengthy quest for success on the European stage.
According to Foot Mercato, PSG are interested in bringing Silva to Ligue 1 and are willing to move Donnarumma and Verratti to the Etihad to accomplish the transfer.
Donnarumma joined Les Parisiens alongside Lionel Messi and Sergio Ramos in the summer of 2021, taking over as first-choice custodian from former Real Madrid star Keylor Navas.
Verratti has been at the perennial French champions since 2012, appearing in almost 400 matches since joining from Pescara in his hometown.
Man City are said to have promptly rejected PSG's three-player exchange offer, while the two clubs are still in talks as the Parisians' sporting director Luis Campos 'tests the waters' with his English counterparts.
According to the source, the Citizens value Silva at £70 million, with two years remaining on his present contract with the Etihad.
Guardiola's men are claimed to have offered the player a new and improved deal in an attempt to commit his long-term future to the club, implying that the Portuguese playmaker's £150,000-per-week earnings would be significantly increased.
Last month, it was reported that Silva had notified Manchester City of his wish to leave the Premier League, amid interest from PSG and La Liga champions Barcelona.
Since then, Xavi's men have signed Ilkay Gundogan from the Citizens' engine room, with the German signing a two-year contract at Camp Nou in Catalan.
According to the report, Silva is eager to join PSG this summer, but the French club must first make an offer that Man City will accept.
Silva and his City teammates begin their pre-season schedule on Sunday morning with a friendly against Yokohama F Marinos before facing a difficult trio of games against Bayern Munich, Atletico Madrid, and Arsenal.
For more Sports updates please follow us on Twitter