Bakayoko is surplus to requirements at Stamford Bridge, and discussions have now begun with PSG, according to ESPN UK's Julien Laurens. Chelsea is looking to offset some of their more than £200 million in additions.
PSG have reportedly been linked with AC Milan's Ismael Bennacer, Lazio's Sergej Milinkovic-Savic, and prized Rennes teen Eduardo Camavinga as the capital city side prioritizes strengthening its midfield.
That trio has proved elusive, prompting PSG sporting director Leonardo to target Bakayoko, who he signed on loan from Chelsea while at Milan during the 2018-19 campaign.
Bakayoko, 26, spent last season on loan at Monaco following a temporary stay in Serie A with the Rossoneri. There are two years left on his current terms at Stamford Bridge.
PSG are understood to be seeking a loan with an option to buy, while Chelsea would prefer to sell the Frenchman outright. Bakayoko's last two temporary spells with Milan and Monaco both featured club options to buy, and the respective sides weren't interested because of Chelsea's £30-million-plus valuation.
Milan were reportedly keen to seal Bakayoko's return to the San Siro this summer, opting instead to sign Sandro Tonali from Brescia after refusing to meet Chelsea's demands.