Bakayoko is not wanted by Chelsea manager Frank Lampard and the club see him as a player they would like to recoup some money on after a summer of heavy spending.
PSG have made a new defensive midfielder their top priority, but have found it difficult to secure any of their top targets.
Lazio's Sergej Milinkovic-Savic, Ismael Bennacer of AC Milan's and Rennes teenager Eduardo Camavinga are proving very difficult and expensive. Sources have told ESPN that Sami Khedira has been offered to the club from Juventus and is being considered.
However, PSG sporting director Leonardo has now switched his attention to Bakayoko, according to ESPN sources. He is a big fan of the 26-year-old and signed him on loan from Chelsea when he was at Milan in 2018-2019. After a tough start, Bakayoko improved significantly in Serie A that year and helped the Rossoneri to a fifth-place finish.
Leonardo would prefer an initial loan with an option to buy next summer but Chelsea are reluctant to agree and would rather sell the France international now.
Bakayoko still has two years left on his contract at Stamford Bridge but he wants to leave the club and would be keen on a move to PSG.