Arsenal would like Bellerin, 25, to stay but will not stand in his way if PSG make a good offer.
The Gunners have already spent £41m this summer and other signings are planned, so some sales will be necessary.
PSG are willing to pay £25m plus a further £5m in bonuses, making it a potential £30m (€33.7m) deal
The Parisians are in the market for a right-back after Thomas Meunier left for Borussia Dortmund.
Atalanta’s Timothy Castagne was considered by sporting director Leonardo, but he is joining Leicester.
Bellerin is open to the challenge of joining the French giants if a deal can be agreed.
He joined Arsenal from Barcelona as a youngster and is now approaching a full decade at the London club.
In total, Bellerin has made 205 appearances in the red and white of Arsenal.