The French outfit are braced for the Brazilian to force through a transfer to Real Madrid after growing frustrated at life in Paris and have turned their attention to Sanchez, whose contract expires at the end of the season.
The Chile international has been earmarked as the ideal replacement for the former Barcelona forward, particularly given his availability due to the running down of his current deal.
Neymar only joined PSG in August but he’s keen on joining Real Madrid next summer, in what’s likely to be another world-record move.
And Unai Emery’s team are keen to land Sanchez to replace him, according to the Mirror.
While PSG are hot on the Chilean’s heels, they are not alone in their pursuit of him, with Manchester City and Bayern Munich also keen.
Although he’s available on a free transfer, he would command a high signing on fee and wages of close to £350,000-a-week.