A report in The Independent claims that the Parisians lead the race to sign the full-back and have already made contact with the player’s representatives.
It follows on from reports in Spain that Barcelona wanted Bellerin and had identified the player to replace Nelson Semedo, whom they are intending to sell this year.
Bellerin has a contract in London until 2023 but it is said that he could consider a return to Spain, where he left the Camp Nou as a youth player in 2011 to join the Gunners.
The 25-year-old has clocked up over 200 first-team appearances for the North London club and whilst he is still an important player for the side, they may consider his sale in order to fund investments of their own.
Sevilla are also said to be in the frame for Bellerin, but are unlikely to be able to fund his asking price – which is said to be around the €40m.