According to Fabrizio Romano, the agreement does not include a purchase option, making it a straight loan until the end of the campaign.
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The 20-year-old Brazilian midfielder spent last season on loan at Braga, where he established himself as a regular starter.
He made 39 appearances across all competitions, helping the Portuguese club reach the UEFA Europa League semi-finals, while contributing one goal and one assist.
As part of the agreement, Espanyol will cover Moscardo's wages for the duration of the loan.
PSG view the temporary move as an opportunity for the former Corinthians midfielder to gain valuable top-flight experience in La Liga before returning to the French champions.