Costa was on the scoresheet in Atletico’s 6-1 demolition of Granada on Sunday, but is still a candidate to leave Atleti.
His agent Jorge Mendes has spent several days exploring a potential new club for the Spain forward.
And Mendes’ search has led to PSG, who are ‘studying the possibility’ of signing 31-year-old Costa.
Due to FFP, PSG can spend very little and Costa would join the Parisians for free or loan for the last year of his Atleti contract.
If Costa does leave, Edinson Cavani is still well-placed to replace him at the Wanda Metropolitano.
Atleti have been keen on Cavani since January and he remains a free agent after leaving PSG in June.
In recent weeks, there have been further contacts between Atletico and Cavani’s camp.
And should the Madrid club manage to find a taker for Costa, Cavani could be signed immediately.
Other sources within Atletico tell AS that Cavani isn’t the only option and that one of Maxi Gomez (Valencia), Arkadiusz Milik (Napoli), Raul de Tomas (Espanyol) and Luis Suarez (Watford) could replace Costa.
Again, that deal would depend on an outgoing, in this case Hector Herrera.
Former Porto star Herrera, 30, has received a number of proposals and is studying one from Zenit.