According to The Athletic, Villa are looking to replace the England international and see the highly rated Senegalese winger as a potential solution.
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The 18-year-old is attracting significant interest this summer, with Tottenham Hotspur and Manchester City also reportedly monitoring his situation.
With PSG expected to strengthen their attacking options, Mbaye could be allowed to leave the French capital in search of regular first-team football.
The teenager has also recently appointed a new representative, joining Jorge Mendes’ agency as he considers his next move.
The development could be significant for Villa, as Mendes also represents head coach Unai Emery, potentially adding another connection to a possible transfer.