But PSG, who are struggling to stay within Uefa's financial fair play rules having signed Neymar for a world record £198m, are not prepared to pay for a player who will become a free agent next summer.
Le Parisien do say that while Sanchez is "seduced" by the idea of living in Paris, he remains very open to what Pep Guardiola's side have to say, as they continue to circle around the one that got away. The saga has taken a new turn as Arsenal are rumored to be agreed for Sanchez - Draxler swap deal.
But after Cavani fell out with Neymar over penalty duties and PSG sporting director allegedly expressed his concern over the forward's efficiency in front of goal, the Uruguayan's days in the French capital could be numbered.
However, Arsenal may decide to cash in on their star player in the winter transfer window, in which case Manchester City will have the upper hand since they have money to spend unlike PSG.
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The Chilean remains interested in the Paris project, but is ultimately now hesitating between PSG and Manchester City.
Now PSG believe they can get around their FFP problem by selling Cavani, who has had a bitter clash with Neymar, and bringing in Sanchez for nothing.
The Uruguay global rowed with Neymar over set-piece duties last month, something that supposedly led to the Brazilian to call for the striker to be sold. They made peace after what happened that day.
Coach Unai Emery's hopes of adding Sanchez to his ranks went on the back burner when PSG took Monaco's Kylian Mbappe on loan with a guaranteed £162m transfer fee next year.