L'Equipe says PSG and Dembélé are in no hurry to renew their contract, which runs until June 2028.
The newspaper reports that all parties agree that "now is not the right time" to sign a new agreement. In Paris, the priority is securing new contracts for (Senny) Mayulu (2027) and Bradley Barcola (2028), with Dembélé's future contingent on sporting results.
L'Equipe claims that the Champions League could decide his fate. Elimination in the quarterfinals or semifinals, they say, could lead management to consider the end of an era. However, if success comes with a stellar performance from Dembélé, it would strengthen his position as their star man.
For PSG, doubts grew in the first half of the season, although the main obstacle is fitting the winger's demands into the Parisian salary cap.
The newspaper adds that if a renewal agreement isn't reached, the Premier League and Saudi Arabia are emerging as possible destinations. Sources in France add that the Saudi league has already expressed interest and made several proposals to Dembélé, but none have materialised into a formal offer.