The 25-year-old has been at The Emirates since the summer of 2011 and would be open to a move to the French giants, according to CBS Sports.
The Parisian side enquired about the right-backs availability in the summer of 2020, but their bid of £30m was rejected, with the Gunners demanding a fee closer to £43m.
A chance for a fresh start
Bellerín has been a servant to Arsenal for ten years and has enjoyed periods of success with the club, winning three FA Cups and three Community Shields with the Gunners.
Despite having made over 230 appearances for Arsenal, Bellerín has found form hard to come by at times following his ACL injury in January 2019.
Bellerín came close to an exit to the French capital last summer with the Spaniard favouring a chance to win silverware during his prime years rather than enduring a rebuild at Arsenal.
However, the intervention of Mikel Arteta ensured that Bellerín stayed and cemented his place in Arsenal's starting XI. The right-back has performed well at times this season, featuring 27 times thus far.
It remains to be seen whether Bellerín will remain in North London following the summer transfer window, with the likes of Brighton's Tariq Lamptey and Norwich's Max Aarons being touted as potential replacements.