Juventus and PSG are in talks over a swap deal for full-backs Mattia De Sciglio and Layvin Kurzawa.
Goal can confirm that the two sides are in advanced negotiations over an exchange of the players, with a deal potentially set to be announced in the coming days.
The player exchange would be a blow to Arsenal, who have recently been in talks with PSG over a move for France international left-back Kurzawa.
Arsenal left-backs Kieran Tierney and Sead Kolasinac are both struggling with injury problems, but the Gunners appear set to miss out on one of their primary January targets.
Kurzawa has entered the final six months of his current contract and could be set to depart the Ligue 1 champions either this month or in the summer.
The 27-year-old has made 14 total appearances for PSG this term, with nine of those starts.
Kurzawa originally joined PSG from Monaco in 2015 in a deal worth close to €22 million (£16m/$25m).
Rather than a move to north London, however, Kurzawa appears close to joining the Serie A champions in exchange for Italy international De Sciglio.
PSG sporting director Leonardo is known to be an admirer of De Sciglio, with the full-back a member of AC Milan's youth ranks when Leonardo was the manager at San Siro.
De Sciglio spent six seasons with Milan before moving to Juventus ahead of the 2017-18 season.
The 27-year-old has made just nine total appearances for Juve this term as he's been sidelined with two different muscular issues.
De Sciglio suffered a biceps muscle injury early in the season and is currently sidelined with an adductor problem.
Looking to win a ninth consecutive league title, Juventus are currently in first place but facing a challenge from Inter, who are four points back in second place and Lazio, who are six points back but have a game in hand.
PSG, meanwhile, are aiming to win Ligue 1 for a third straight season and are currently in first place, eight points above second-place Marseille.
Juventus face Napoli on Sunday in their next league fixture, while PSG will face Lille on Sunday at the Stade Pierre-Mauroy.