'Sky Sports News' claims that the 28-year-old is still a major target for the Parisian side, despite Arsene Wenger telling the press on Tuesday that the club's decision over Sanchez was "not to sell."
PSG are keen to make a marquee signing before the end of the transfer window, with reports claiming that they are ready to invoke Neymar's €222m release clause.
With just 12 months left on his contract, Sanchez would come considerably cheaper and the Chilean is believed to have told press sources in his homeland that he wants to play Champions League football next season. Something that Arsenal cannot offer him.
The French giants are prepared to spend big this summer as they bid to regain their position as France's number one side, after being put to shame by Leonardo Jardim's Monaco team last season.