The Sunday Telegraph says Wenger has been in France this week advising PSG over their long-term strategy and is believed to have set his sights on becoming president of the French club in three years.
Former Gunners vice-chairman David Dein is also being linked with a role at PSG. Dein, like Wenger, is close to new PSG president Charles Villeneuve and he said he would "welcome a person like Dein investing in the club".
Yet Dein told the Sunday Telegraph: "I know Villeneuve well it's true, after all I've been round the block a few times.
"But [PSG's interest] is news to me."
Reacting to the suggestion Wenger could join PSG, Dein added: "I'm not sure I believe it. Of course anything is possible. Arsene gets propositioned all the time."