According to journalist Sacha Tavolieri, the 29-year-old is said to have informed the club of his desire to remain with the European champions.
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Al-Hilal had reportedly hoped to make a major statement by signing the 2025 Ballon d’Or winner after securing Crysencio Summerville from West Ham for nearly €65 million.
The Saudi club has also been linked with Everton forward Iliman Ndiaye.
However, Dembele is under contract with PSG until 2028 and reportedly wants to extend his stay in Paris.
The France international enjoyed another outstanding campaign, scoring 20 goals and registering 11 assists in 40 appearances. He was also instrumental in PSG winning a second successive Champions League title.