The 24-year-old could move either this summer or on a free transfer next year, with both clubs working to agree on a player-plus-cash deal.
Chelsea co-owner Todd Boehly is organising a compelling bid for Mbappe, hoping to secure the French superstar’s signature.
Meanwhile, Spanish champions Barcelona are pursuing a player swap deal to land the coveted forward.
However, Saudi Pro League club Al-Hilal are not backing down in their pursuit of Mbappe.
Despite facing a refusal from the player, the Saudis have been granted permission by PSG to engage with Mbappe following their audacious world-record £259 million bid earlier this month.
PSG are convinced the Frenchman has already agreed to join Real Madrid on a free transfer.
The rumoured deal would include a staggering £138 million signing-on fee, making it a lucrative proposition for Mbappe.
The Saudi Pro League wants to make Mbappe their marquee player following the appointment of former Chelsea technical director Michael Emenalo as the director of football at their Player Acquisition Centre of Excellence (PACE).
Emenalo’s task is to lead recruitment efforts for the league’s clubs. The former Nigerian international will present an offer to the World Cup winner.
Speculation around Mbappe’s future escalated in June when he decided not to activate the one-year extension in his PSG contract to keep him at the club until 2025.
This decision fuelled rumours of his imminent departure and set the stage for the intense transfer battle between Europe’s football giants.
The club sent him to train with their transfer-listed players. They hope he accepts an offer to leave the club this summer rather than for free next year.
It is unclear where the Frenchman’s future lies, and there will likely be plenty of twists and turns before the transfers window closes.
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