Arsenal will consider a January swap deal with PSG, involving Alexis Sanchez and Julian Draxler.
The Chilean looked set to join Manchester City in the summer but the deal fell through late on.
PSG remain keen on Sanchez despite their summer spending spree.
And one way to get around FFP rules may be to include Draxler as part of the deal, reports the Daily Star.
Arsenal were keen on the German international before he moved to Paris.
Gunners to cash in on Ozil
Arsenal could be ready to cash in on Mesut Ozil in January - rather than lose him for free next summer.
Italian giants Inter Milan have shown a strong interest in Ozil and that may tempt Arsenal to cash in with no sign of the German superstar signing a new deal at the Emirates.
Arsenal were encouraged in the summer when Ozil insisted publicly that he was happy at the club, wanted to stay in London and was interested in signing.
But while talks are ongoing, they are still no closer to a resolution with Ozil demanding around £350,000-a-week.
Arsenal have offered in excess of £275,000-a-week which is new territory for the club but they have not come close to agreement.
Lacazette to ask Griezmann to join
Alexandre Lacazette is already a fans favourite among the Arsenal supporters.
But he'll be on course to securing himself a statue outside the Emirates if he can pull off a deal for Antoine Griezmann to join him.
The pair have been photographed on numerous occasions joking about on the pitch and in training for Les Blues whenever the group meet up.
"Our nicknames for each other are Griezzy and Lacaz. If Griezzy visits me in London, I'm going to ask him to sign for Arsenal!", he said.