The youngster is weighing up his future and could seek a move away this summer, says L'Equipe.
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Villa are interested in the 18 year-old Senegalese, though any move could hinge on a top four finish and Champions League qualification.
City are also keen, amid reports of Mbaye and his agents visiting the Etihad Campus earlier this year. However, Mbaye's representatives have denied the claims.
Mbaye's deal at PSG runs to 2028 and coach Luis Enrique recently said: "He's a quality player, and we're very happy to have players of his calibre.
"He's still very young, and we have a lot of confidence in his future."