The Ligue 1 giants are believed to be drawing up a list of attack-minded targets ahead of the 2024-25 campaign as they prepare for life without star man Kylian Mbappe.
Last month, Mbappe allegedly informed PSG of his desire to leave the Parc des Princes when his contract expires at the end of the season.
Mbappe has continued to play for Luis Enrique's side this season, though, and he scored a brace in their 2-1 second-leg win over Real Sociedad in the Champions League last 16 on Tuesday, increasing his goal tally in all competitions to 34 from as many matches.
Amid uncertainty over the future of Mbappe, who has been strongly tipped to join Real Madrid on a free transfer this summer, a host of attackers have been linked with a move to PSG.
Indeed, Napoli's Victor Osimhen, AC Milan's Rafael Leao and Manchester United's Marcus Rashford are all believed to be on PSG's radar.
However, according to Fichajes, Les Parisiens have identified Arsenal winger Saka as a potential replacement for Mbappe this summer.
The report adds that PSG would be willing to make a 'record offer' worth at least €140m (£120m) to try and lure the 22-year-old to the French capital.
It is thought that an offer as significant as this could be deemed an attractive one by Arsenal, one that would represent a club-record sale and eclipse the £35m they received from Liverpool for Alex Oxlade-Chamberlain in 2017.
However, the Gunners are currently reluctant to part ways with one of their star players, who is a fans' favourite at the club and has established himself as a key cog in Mikel Arteta's machine in recent years.
Since making his senior debut in November 2018, Saka has made a total of 214 appearances for Arsenal in all competitions, scoring 54 goals and registering 55 assists.
Saka has come on leaps and bounds in recent seasons, developing into one of the best players in the Premier League, and his performances have been key in helping Arteta's side transform into title challengers as well as bring back Champions League football to the Emirates Stadium.
The Hale End academy graduate is Arsenal's top scorer this season with 16 goals in 35 games across all tournaments, netting at least six more than any of his teammates, while he has also registered a team-high 13 assists.
Saka has also starred on the international stage with England, scoring 11 goals in 32 appearances, and is regarded as an important first-team player for Three Lions boss Gareth Southgate ahead of Euro 2024.
Arsenal's No.7 signed a new long-term contract with the club in May last year, keeping him tied to the Emirates until the summer of 2027.