The Brazilian is being made available by the European champions this summer after arriving 18 months ago from Corinthians in a €20m deal.
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Estadio Deportivo says Moscardo's situation has alerted Real Betis and local rivals Sevilla.
Betis are open to signing Moscardo immediately outright, while Sevilla would prefer a loan-to-buy arrangement.
PSG coach Luis Enrique has ordered the midfielder to train away from his senior squad in a sure sign he has no future in Paris.