The newspaper says the deal was ‘closed’ today, but an announcement will be made at the end of the season.
Coveted by some of Europe’s biggest clubs, PSG won the race to sign 27-year-old Telles after a ‘strong advance’.
Porto wanted €30m, €10m less than his release clause, but PSG sporting director Leonardo offered €20m.
A compromise of €25m has now been reached and the once-capped Brazilian will play at Parc des Princes next season.
Telles has tallied an impressive eight goals and five assists in 20 league starts for Porto this season.