The 30-year-old, who insists he is happy in the Premier League, has scored 14 goals in 29 appearances for Manuel Pellegrini's side his season.
“Everything can be possible. Why not?” Toure told RMC Sport when asked about a potential switch to the Ligue 1 champions.
“In life, you never know. Everything is going well right now at City, but one never knows. When you have great teams like this, where there are already great players, it attracts.
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“In football, you never stop learning. For me, the PSG is a great club.”
Toure also believes Laurent Blanc’s side have the capability of mounting a significant challenge in the Champions League this term.
“For me, PSG are scary. I have great respect for them too,” Toure said.
“It's a big team. They are a bit like the Man City of France. They have the financial power which enables them to buy great players.
“And they prove that they are in the league above. To be honest, PSG scares me anyway.”
But despite praising Paris Saint-Germain’s progression in Europe, Toure has put Real Madrid as favourites to win the Champions League this season.
“Bayern are a good team. PSG, with what they did at Camp Nou last year, showed that they could be challengers,” Toure continued.
“I see Real Madrid too. It will be tight. But I would say Real.
“And the World Cup, Brazil. They are at home, where they are intractable. Brazil is the favourite.”