PSG re-signed Simons from PSV Eindhoven last summer, before they immediately sent him out on loan to German club Leipzig.
The Dutchman went on to enjoy a productive campaign for the 2023-24 season, scoring 10 goals and registering 15 assists in 43 competitive matches.
Those performances have seen Simons attract interest from several European clubs, including Arsenal, Manchester United and Barcelona.
Bayern Munich have also been linked with a move, but according to Florian Plettenburg, Simons has opted to re-join Leipzig on loan for the 2024-25 season.
Die Roten Bullen and PSG are finalising the final details, before Simons can be unveiled as the club's third addition of the summer transfer window.
Having missed out on Simons's signature, Bayern will now turn their focus to securing the signature of Desire Doue from Rennes.
Chong attracting Premier League interest
Meanwhile, Premier League clubs are interested in signing former Manchester United attacker Tahith Chong from Luton Town.
The 24-year-old is set to depart Rob Edwards's side just one year after completing a transfer from Birmingham City.
Chong featured in 33 of Luton's 38 Premier League matches last term, but he was unable to help Luton retain their Premier League status.
While Luton are preparing for the Championship, Florian Plettenburg is reporting that Chong could be given the chance to return to the top flight.
The Man United academy product is attracting interest from a number of Premier League sides as well as clubs from abroad.
The Hatters have set Chong's asking price in the region of £10m, with the player under contract until the summer of 2027.
Luton have supposedly held talks with potential suitors, but there are currently no agreements in place with a final decision yet to be made over Chong's future.
Goldson leaves Rangers for Cyprus
Scottish giants Rangers have announced the departure of defender Connor Goldson, who has completed a move to Cypriot side Aris Limassol.
Rangers boss Philippe Clement previously revealed that Goldson had sat out last week's friendly against Birmingham City due to a "concrete offer".
The Scottish Premiership side have now confirmed that the defender has completed a move to Aris for an undisclosed fee.
The experienced centre-back has signed a contract until the summer of 2027, bringing an end to his six-year stay at Ibrox.
Goldson, who joined Rangers from Brighton & Hove Albion in 2018, helped the club win a Scottish Premiership title, a Scottish Cup and a Scottish League Cup.
The defender was also a prominent figure in Rangers' memorable Europa League campaign in 2021-22, starting 14 of the club's 15 European matches as they went on to finish runners-up to Eintracht Frankfurt.
The 31-year-old leaves the Gers after featuring in 309 matches in all competitions, including 176 appearances in the Scottish Premiership.