The France international has been fighting tooth and nail to engineer a move to the Parc des Princes during the final hours of the summer transfer window, but a move was seemingly dead in the water earlier on deadline day.
While Kolo Muani had agreed personal terms with PSG some time ago, Frankfurt were determined to bring in a replacement before sanctioning the striker's exit and were eyeing PSG youngster Hugo Ekitike.
However, Ekitike was not interested in a switch to the Bundesliga and was instead believed to be pining for a move to the Premier League amid links with Crystal Palace, Brentford and West Ham United, which did not materialise.
Frankfurt subsequently failed to add another striker to their ranks before the German transfer window shut at 5pm, which would ostensibly signal the end of PSG's pursuit of Kolo Muani this summer.
The French champions were allegedly left "furious" at Ekitike's decision, but Kolo Muani's desire to move to the Parc des Princes has won out, as PSG have confirmed his arrival on a long-term deal.
PSG are apparently set to pay Frankfurt a staggering €95m (£81.5m) to take the former Nantes man off their hands, and he has signed a five-year contract with Luis Enrique's side.
"It's great to be back where it all began! I was attracted by the club's project. Now I can't wait to get to work and finally play in these colours," Kolo Muani told the official PSG website.
Parisiens president Nasser Al-Khelaifi added: "We are delighted to welcome Randal Kolo Muani - a proud Parisien and Frenchman - to Paris Saint-Germain; to his city and his home.
"We have worked incredibly hard to get this transfer over the line. Randal is a fantastic French international player and is committed to PSG and our project. I'm so excited to see Randal in a PSG jersey, giving everything for the Club."
Kolo Muani emerged as one of Europe's most sought-after centre-forwards owing to his remarkable first season with Frankfurt, where he netted 23 goals and set up 17 more in 46 matches across all tournaments.
Manchester United were believed to have shown a strong interest in signing the 24-year-old, but Frankfurt were prepared to demand as much as £100m given that his contract ran until 2027.
Die Adler were confident of keeping Kolo Muani on the books for at least one more season, but after the player allegedly went on strike in a bid to force an exit, PSG managed to negotiate a lower fee.
Kolo Muani will make a swift return to Ligue 1 after previously starring in the competition for Nantes, registering 21 goals and 13 assists in 79 top-flight matches for Les Canaris, as well as winning the Coupe de France in 2022.
The 24-year-old becomes the 12th new player to join the French champions this summer, following Bradley Barcola, Ousmane Dembele, Marco Asensio, Manuel Ugarte, Milan Skriniar, Xavi Simons, Arnau Tenas, Goncalo Ramos, Lee Kang-in, Lucas Hernandez and Cher Ndour to the French capital.