Jornal de Noticias report that Chelsea are still in the hunt for Telles.
The Portuguese outlet suggests PSG are unwilling to pay the Brazilian's €40million release clause, meaning Chelsea still have time to see if they can secure a deal for Leicester City's Ben Chilwell while Telles remains an available back-up.
However, it has been suggested that Porto are now only demanding €30m with the 27-year-old's contract expiring at the end of next season.
Telles has already indicated that he wishes to move on when his deal runs out so the Primera Liga club are looking to cash in while they can.
Telles' new agent Pini Zahavi has close links with both English and French clubs. In particular, Zahavi helped Chelsea owner Roman Abramovich purchase the Blues in 2003.