Rennes rejected a £22million Arsenal bid for M'Vila in August.
They want £26m for their youth graduate and will almost certainly sell in January with Inter Milan now in the hunt.
Deschamps told the Scottish Sun: "M'Vila reminds me of Yaya Toure when he was at Barcelona but with better passing.
"He is neither a true defensive midfielder nor a pure centre midfielder, he is both.
"He's what the Italians call 'a director', the man who sets play from the back, like Pirlo. But the big difference is M'Vila wins more balls than Pirlo and is faster.
"Yann has something rare for his age. He sees it all and he sees it before anyone else.
"This is the hardest thing, reading the game and being able to take in information.
"Then to achieve it you need the passing quality, the technique and speed. Yann has it all."