It's understood PSG would have an option to buy in the summer if it goes through.
But that's one big 'if' according to Spurs boss Jose Mourinho, who told the media he's expecting the player to stay at Spurs for now.
Le Parisien reported the two clubs are happy to do business but the deal depended on whether Spurs would be able to find a replacement before Monday's deadline.
The midfielder, 24, has struggled for form in recent seasons and has been publicly criticised by Jose Mourinho on multiple occasions.
A move to PSG would see him reunite with former Spurs boss Mauricio Pochettino, who took charge of the French champions earlier this month and line up alongside Neymar, Kylian Mbappe and Marquinhos.
Mourinho has poured cold water on those rumours though, saying he doesn't expect there to be any movement into and out of the club this month.
"I expect (him to be here) and I am saying that since the beginning of the window," Mourinho said ahead of his side's Premier League clash with Liverpool on Thursday.
"I was not expecting anyone to leave or expecting anyone to come. We are almost at the end of the window. I don't believe that anything will happen, but it is open still.
"Football is football and the transfer window is open and sometimes unexpected things can happen, but I don't expect it.
"As I was saying before, the transfer window is open and anything can happen until the last second.
"I'm convinced nothing is going to happen. If something happened it would be a huge surprise for me."
It was reported that Spurs had made contact with PSG about taking Angel Di Maria, however, the Argentine is a critical part of the side having started all their matches under Pochettino.
Spurs had been linked with former star Christian Eriksen, who left to join Inter last January.
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Leicester were also in the running for Eriksen, who's had a nightmare time with the Serie A side, despite scoring a brilliant winning goal during Inter's Coppa Italia win over AC Milan.
But Antonio Conte insisted the midfielder is not going anywhere right now having watched him seal a 2-1 win deep into stoppage time with a free-kick against Milan.
"Christian is a very intelligent lad, he has quality, he's part of the project and I am happy he scored that goal," the manager said.
"I really wanted him to take it, as we all know the quality he has from set plays.
"He's very shy, so I hope this goal can shake him up and make him come out of his shell. We all like him, he's a good lad, perhaps too good! He needs to be more determined."
Dele Alli's move to Paris Saint-Germain reportedly moved a step closer with the French club 'reaching an agreement' with Tottenham over a January loan deal.