The Russian coach's son travelled to Paris on Wednesday for talks with the French champions amid speculation that the Italian is being lined up to replace Carlo Ancelotti
The Italian has one year left on his deal with the Russia FA but reports have swelled in the past 24 hours that he will step in to replace Ancelotti, who is expected to join Real Madrid in the coming weeks.
Pierfilippo Capello, who is Capello's agent as well as his son, insists that his visit to the French capital club is merely coincidence, though, and refused to confirm that the meeting involved securing a deal for the 67-year-old coach.
"It was just a meeting scheduled a long time ago. We did not start negotiating for Fabio Capello to join PSG. I know Leonardo from 15 years ago," Capello told RMC.
La Gazetta dello Sport, meanwhile, are claiming that Capello has rejected les Parisiens' offer based on the one-year contract they have offered him, with many speculating that they are hoping to hire Arsene Wenger when his deal with Arsenal runs out at the end of the 2013-14 campaign.
Former PSG player Gregory Coupet doubts that a 12-month contract will appeal to Capello but believes he would be an excellent option for the reigning Ligue 1 champions.
"Capello is not a run-of-the-mill choice. Before him, I had never seen England as disciplined," he told RMC Sport.
"But to take this great coach for just a year seems difficult to me. On the other hand, he spent two one-year stints at Real Madrid and won two titles."