The Ligue 1 outfit are ready to offer over €20m (£18m/$23m) to sign him from the Spanish side this summer, ensuring Sevilla make a huge profit on the €400,000 they paid to get him from Getafe in 2016.
Spain international Sarabia has one year left on his contract at Sevilla even though the club has spent the last two years trying to persuade him to renew his deal.
Several offers were made to extend his contract, most recently with sporting director Monchi reaching out to him, but the 27-year-old made the decision to leave the Estadio Ramon Sanchez Pizjuan some time ago.
The attacking midfielder, who can also play on the wing and up front, does not want to leave Sevilla on bad terms and wants the club to finalise talks with PSG over the move.
With the French side offering more than his release clause and putting a lucrative contract on the table for the player, Sarabia's exit is expected to be confirmed by July 1.
Sarabia will depart after scoring 23 goals and making 17 assists in 52 appearances in all competitions in 2018-19.
He will be PSG's second signing of the summer, having already landed 19-year-old goalkeeper Marcin Bulka from Chelsea. Meanwhile, they have seen Moussa Diaby leave for Bayer Leverkusen, while Giovani Lo Celso and Grzegorz Krychowiak saw their loan spells at Real Betis and Lokomotiv Moscow respectively turned into permanent deals.
Gianluigi Buffon, Dani Alves and Adrien Rabiot are also departing, with their contracts expiring at the end of the month.
Thomas Tuchel's team won their second consecutive Ligue 1 title last season but failed to defend their Coupe de France and Coupe de la Ligue titles and crashed out of the Champions League at the last-16 phase, losing to Manchester United.
Meanwhile, Sevilla have already waved goodbye to Quincy Promes, whose move to Ajax was confirmed on Monday and Luis Muriel has left for Atalanta.