Barcola, 23, was a regular for PSG last season, making 49 appearances and scoring 13 goals with six assists as the club defended both their Champions League crown and their Ligue 1 title.
Despite that output and a contract running until 2028, his place in the squad is under pressure. The planned arrival of Maghnes Akliouche from Monaco adds further competition in his position, and PSG would no longer block a departure if a sufficiently serious bid landed.
The Athletic report that PSG consider Barcola's market value to be significantly higher than current estimates — and are seeking a fee above the £116m Manchester City paid for Elliot Anderson, a benchmark that reflects how highly the club rate a player they believe is undervalued on the open market.
PSG are not being forced to sell and have not initiated a sale. But they have signalled privately that the door is open.
Liverpool have been monitoring Barcola throughout the window, with Fabrizio Romano confirming active contact and describing him as firmly on the club's shortlist — a position he has held since 2025. The Reds see him as a potential alternative to RB Leipzig's Yan Diomandé, whose pursuit has stalled over Leipzig's asking price.
Arsenal are also watching closely and have been in regular contact with the winger's representatives, positioning themselves to move quickly if PSG lower their demands.
The central question is whether either club is prepared to match what PSG believe Barcola is worth — a figure that makes this one of the more expensive potential deals of the window. Neither Liverpool nor Arsenal has yet submitted a bid.