The 24-year-old becomes the club's sixth transfer of the summer following the arrivals of Darren Fletcher, Kurt Zouma, Eric Maxim Choupo-Moting, Bruno Martins Indi and Josh Tymon.
The Premier League side's chief executive, Tony Scholes, told the club's official website: “Jese was a man in demand when PSG made it clear they would allow him to leave on loan and we’re delighted he has chosen to join us.
“He hasn’t had the happiest of periods in his career in Paris but he’s still only a young man and is hungry to make a big impression in the Premier League.
"His pedigree speaks for itself and he will most certainly add to the firepower at our disposal.”
Scholes was speaking in reference to the attacker's paltry amount of playing time at Parc des Princes, with Jese having featured in just nine matches for the Ligue 1 side, scoring one goal.
PSG boss Unai Emery allowed the former Real Madrid youth product to leave on loan in 2017 to hometown team Las Palmas in order to rediscover the form that saw him win La Liga, the Copa del Rey and two Champions League titles whilst at the Santiago Bernabeu.