Real Madrid defender Pepe will leave at the end of the season
Real Madrid are not interested in renewing Pepe's contract and the Portugal defender can move clubs on a free transfer this summer.
Spanish newspaper Marca claimed Pepe had snubbed an offer from Inter Milan and agreed to sign a two-year deal with PSG.
However, the Ligue 1 club have told French radio station RMC that there is no truth in the report.
Indeed, PSG have denied they have eve made contact with the 34-year-old.
Pepe is said to have offers to move to China and the MLS but ideally wants to stay in Europe.
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The Euro 2016 winner hopes to keep playing at a Champions League club and boost his chances of competing for Portugal at the 2018 World Cup.
Pepe collected a third Champions League medal on Saturday night as Real Madrid beat Juventus 4-1 in the final in Cardiff.
But the centre-back was left out of manager Zinedine Zidane's squad for the match.
Back in February Zidane urged Pepe to remain at the Bernabeu as interest from the Chinese Super League heightened.
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Pepe (left) was left out of Real Madrid's Champions League final squad
Real Madrid held their victory parade after the Champions League win
"I would like him to stay, as long as he wants, of course," Zidane said.
"He remains an important member of the squad. But we will see in June.
"With all Pepe has done at this club, we must respect whatever happens with him."
RMC add that PSG have no intention of signing Pepe.