PSG have rejected the chance to buy Matteo Guendouzi from Arsenal.
The Gunners are desperate to offload Guendouzi in order to raise funds for other players, namely Thomas Partey of Atletico Madrid.
But the Telegraph says they won't be shopping the 21-year-old to the Champions League finalists.
However, the Parisians are interested in fullback Hector Bellerin.
Mikel Arteta is more reluctant to sell his compatriot, but his hand could be forced if he really wants to sign Partey.