Joshua Kimmich rejected two major offers before committing to a new contract with Bayern Munich.
The Germany international's previous deal was due to expire at the end of the season.
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However, Kimmich penned a new contract last week to 2029.
The 30 year-old midfielder, before putting pen to paper, was free to negotiate pre-contract terms with any foreign club.
Ran.de says Arsenal and PSG both made lucrative offers to Kimmich.
Kimmich would have earned significantly more if he had chosen to accept a move to either one of the clubs - instead of extending his contract with Bayern Munich.