Marseille are demanding around €50m for the 26-year-old, according to French outlet Foot Mercato, while Leeds value him at closer to €30-35m, leaving room for the two sides to potentially meet somewhere in the middle. Initial talks have already taken place with the player's representatives, with Paixao's contract in France running until 2030.
Leeds United came close to signing Paixao last summer following their promotion back to the Premier League, only for the Brazilian to choose Marseille over Elland Road after his exploits at Feyenoord.
He has struggled to fully replicate that form in Ligue 1, scoring six goals and adding six assists last season, and reports in France suggest Marseille could be open to a sale to help meet spending requirements. Leeds moved on at the time by signing Noah Okafor from AC Milan instead, but have returned to the market for further attacking reinforcements after missing out on free agent Julian Brandt, who opted to join Ajax instead.
Farke has already added Harry Wilson on a free transfer from Fulham this summer but remains keen to bring in further creative quality following a 14th-place finish last season. Paixao is reported to sit only third on Leeds' current shortlist of attacking targets, behind other names still being considered, though his familiarity to the club's recruitment staff from last year's pursuit could work in his favour if talks progress. The winger has previously spoken of playing in the Premier League as a long-standing personal ambition.
Paixao arrived at Marseille from Feyenoord last year after a standout spell in the Eredivisie, where he contributed to 38 goals in 64 league appearances across his final two seasons in the Netherlands, form that first put him on Leeds' radar before his move to France.
Roma have also been credited with an interest in the Brazilian in recent weeks, adding another layer of competition should Leeds decide to press ahead with a fresh approach before the transfer window closes.