Goal understands the French champions are hoping to announce the appointment of Sevilla boss Unai Emery as Blanc's successor on Thursday.
Blanc has guided PSG to the domestic treble in the last two seasons but has paid the price for failing to deliver the Champions League, with the club bowing out at the quarter-final stage in each of his three terms in charge.
PSG won Ligue 1 at a canter in 2015-16, along with the Coupe de France and the Coupe de la Ligue, but were beaten 3-2 on aggregate by Manchester City in the Champions League last eight.
“Before the end of the week, PSG and Laurent Blanc will be parted,” Blanc's representative, Jean Pierre Bernes, told French radio station Europe 1.
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Blanc joined PSG in 2013 and has won three successive Ligue 1 titles, along with two Coupe de France trophies, three Coupe de la Ligues and three Trophee des Champions crowns.
The former Bordeaux boss became the first coach to lead a club to a major domestic treble in French football history in 2014/15 and went on to repeat the feat this season.
Blanc also won the 2015 Ligue 1 Manager of the Year award in France but is now set to depart the club, with Emery in pole position to be confirmed as his replacement.
Emery has seen his stock rise significantly in recent years after guiding Sevilla to three Europa League titles on the spin since his appointment at the club in 2013.