The Daily Star Sunday says both players are currently out in the cold, with City and United willing to listen to knockdown offers when the transfer window opens.
Toure, 33, who picks up a reported £230,000-a-week at The Etihad, was a target for the French giants during the summer.
It is understood PSG remain keen on the Ivorian and are ready to test City's resolve with a 'token' £1.5m offer.
PSG have set a similar figure for Schweinsteiger, 32, who has been training with the kids at United despite wages of £180,000-a-week.
United have already put the German down as a loss in the club accounts, after bringing him in from Bayern Munich for £6.25m last summer.