The 20-year-old has attracted growing interest from across Europe after establishing himself in the Bundesliga following his arrival from Viktoria Cologne in 2024. He remained at his former club on loan for another season before making his Cologne debut in 2025-26.
El Mala has since made a significant impression, recording 17 goals and six assists in 45 appearances for the German side.
Borussia Dortmund came close to signing him last summer, but a move failed to materialise. AC Milan, Roma, Brighton and Brentford have also been linked with the winger.
Now PSG have emerged as serious contenders. According to Sport Bild, the French champions have already made an official enquiry to Cologne sporting director Thomas Kessler about the possibility of a transfer.
PSG are looking for a replacement for Khvicha Kvaratskhelia, who is expected to miss the remainder of the season with a cruciate ligament injury. The club reportedly have a budget of €80 million available for a replacement in the wide positions.
Cologne have yet to receive an official offer for El Mala, but their asking price is understood to have increased. They wanted €50 million during the summer, while the latest reports suggest they will demand more to sanction a winter departure.
El Mala extended his contract last summer, with his current agreement running until 2031. That puts Cologne in a strong negotiating position as interest in the young attacker continues to grow.
PSG's enquiry is an indication of their interest, but there is not yet an agreement or formal bid. Any potential move will depend on whether the French club are prepared to meet Cologne's valuation.