The Spain international has been heavily linked with a move away from the Emirates this summer.
It comes after a tough year in north London with injuries and poor form affecting him.
Mikel Arteta has been desperate to bolster his squad this transfer window but has been stricken by a lack of funds.
In order to bring in the players he wants, the Spaniard has been told he must sell some.
Bellerin has been touted as one departure, with The Athletic reporting that PSG have approached Arsenal over a deal.
Furthermore, the clubs are now in dialogue over a transfer with the Gunners willing to sell.
The Emirates outfit would like to keep hold of the Spaniard but are open to a deal.
Bellerin is in the same boat, in that he is not angling for a move away from the Emirates this summer.
But the 25-year-old is open to the idea of joining PSG, The Athletic further report.
It comes amid news that Gabriel Magalhaes has been confirmed as an Arsenal player on Tuesday.
The signing was announced on social media, with Magalhaes joining fellow Brazilians Luiz and Willian on a video call.
Technical director Edu said: "We are delighted to have signed Gabriel.
"He is a player we have been studying for a while and he was in demand from many clubs, so we are proud to have agreed and completed this transfer with Lille and the player.
"Gabriel is a player of high quality and Mikel and his coaches are looking forward to integrating him into the club."
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Arteta has further plots planned for the likes of Thomas Partey and Houssem Aouar.
The former Manchester City coach has plans to reinvigorate Arsenal's midfield with Matteo Guendouzi and Lucas Torreira touted to leave.
Selling Bellerin would go some way to boosting funds to land Partey and Aouar, who could cost as much as £70m between them.