The Italy international has allegedly been told that he is free to leave the French champions during this summer's transfer window, with the club's new head coach Luis Enrique making him surplus to requirements.
Al-Hilal have long been considered as the favourites for the midfielder, and it is believed that the Saudi Arabian outfit agreed personal terms with him back in July.
However, there is not thought to be an agreement between the two clubs over the Italian, which has opened up the race for his signature approaching the latter stages of the window.
A recent report claimed that Manchester United were showing an interest in the 30-year-old, with the Red Devils looking to bring in another midfielder over the next week.
According to transfer expert Fabrizio Romano, Al Arabi are also firmly in the race, with the Qatari outfit preparing to submit an official offer to PSG.
Romano claims that negotiations are preparing 'to enter crucial stages', with the experienced midfielder said to be open to making the move to the club this summer.
Verratti has spent the last 11 years with the French champions, having arrived from Pescara in 2012.
The 55-time Italy international has made 416 appearances for PSG, scoring 11 goals and registering 61 assists in the process, and he was again a key player for the club last term.
Verratti made 38 appearances for his French club during the 2022-23 campaign, but he has not been involved under Enrique this term.
Al Arabi claimed second in the Qatar Stars League last season, finishing two points behind the champions Al-Duhail.
The Dream Team signed Brazilian midfielder Rafinha from PSG in 2022, while they also have Iceland captain Aron Gunnarsson in their squad.
Verratti is thought to be leaning towards leaving Europe to continue his career, although it remains to be seen whether Man United make a late attempt to sign him.
Amid the speculation surrounding his future, the midfielder is again set to be left out of PSG's squad for the clash with Lens on Saturday night.