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.
The Frenchman remains determined to take his talented young Arsenal team as far he can before then and will continue his quest to claim the one major trophy that has so far eluded him, the Champions League. However, the prospect of returning to his homeland to oversee another ambitious project at PSG is thought to appeal to the 58-year-old.
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."