The 47-year-old says the Uruguay striker may make his bow for the Ligue 1 champions against the Liga side he was linked with for much of the summer
The Uruguay international will link up with his new team-mates in Gothenburg this weekend and the 47-year-old PSG boss will assess his physical condition - and that of Thiago Silva - before making a decision over their participation.
"That's very difficult to give you an answer to that question," Blanc told reporters at a press conference.
"Edinson arrives in Paris this Saturday. We have to see what condition he is in. Thiago Silva arrived on Thursday. Will he be ready for Bordeaux? For the moment, I don't know. At any rate, he has been working hard in Brazil and he is already in pretty good shape. We will see if they are ready, but we won't be taking any risks."
The contest with the Santiago Bernabeu outfit is set to throw up several reunions, with Carlo Ancelotti clashing with PSG for the first time since departing les Parisiens earlier this summer and Zinedine Zidane - who is now Madrid's sporting director - sitting in the opposite dug-out to former France team-mate, Blanc.
And the former Bleus boss then compared Ibrahimovic with the France great for the impacts the pair have made in their respective countries.
He said: "Yes, I think you can [compare Ibrahimovic and Zidane]. Zlatan represents a lot here. He is Swedish, so it's normal that there is so much attention on him here. I think he is proud of that because he represents a lot for the people of Sweden. We are talking about two football icons.
"It's always great to see him again. Throughout my playing career, I always preferred to playing with him rather than against him! But it is always a pleasure to catch up on and off the pitch."
Paris Saint-Germain kick off the defence of their Ligue 1 title against Bordeaux on August 3.