The Bundesliga club's sporting CEO Lars Ricken has previously spoken of several transfers to come this summer, and the 18-year-old has emerged as one of a number of names on Dortmund's list as they weigh up options out wide.
Mbaye was a regular member of the Champions League winners' squad last season, making 28 appearances and scoring three goals, and continued to build his reputation on the international stage during the World Cup, where he featured in all four of Senegal's matches.
Borussia Dortmund are not alone in their interest. Premier League clubs have also been credited with tracking the right winger, with Aston Villa understood to be the most concrete admirers in England at this stage. It remains unclear whether PSG would be willing to sanction a permanent departure for the youngster or whether a loan could be considered instead.
Mbaye, who only recently committed his international future to Senegal, remains under contract at his boyhood club until 2028, giving PSG a strong negotiating position over any deal. His versatility across the front line and his rapid progress on the international stage have significantly boosted his stock over the past year, with suitors watching closely to see whether regular first-team football elsewhere might tempt PSG into sanctioning a sale this summer.
Reports elsewhere have suggested PSG value the winger at between €40m and €50m internally, a figure that could rise further given the level of interest from England.
Mbaye's game time at PSG reduced significantly following his return from January's Africa Cup of Nations, where Senegal were initially declared champions before a later ruling by African football's governing body. With Luis Enrique's side also chasing a deal for Monaco winger Maghnes Akliouche, competition for places out wide looks unlikely to ease, strengthening the sense that a fresh challenge elsewhere could suit all parties this summer.
For Dortmund, signing a ready-made replacement out wide would represent a significant boost as they continue reshaping the squad, with the club having already been active in other areas of the pitch this window.