The Spanish forward joined the Gunners from Deportivo La Coruna at the start of last season after they activated his £17.5million (€20m) release clause.
But Perez has found game time difficult to come by since moving to the Emirates Stadium and admitted earlier in the season that he expected more of a starring role at the club.
He has scored seven goals and created five assists in nine starts for the Gunners, but manager Arsene Wenger has generally preferred Alex Iwobi and the now injury-free Danny Welbeck in forward positions.
Goal revealed in February how Perez, who is currently on the sidelines with a thigh injury, had grown frustrated with his lack of playing time and will look for a way out of the Emirates Stadium this summer.
PSG boss Unai Emery is a long-time admirer of the 28-year-old and tried to sign Perez last summer before he joined Arsenal.
The former Sevilla coach is now convinced that he can lure Perez to Parc des Princes as a player to take the goal burden off star striker Edinson Cavani.
The French giants are also tracking another Arsenal forward in Alexis Sanchez, although Manchester City are now leading the race for the Chilean maestro whose contract expires in less than 15 months' time.