The former Newcastle United midfielder has been frozen out at the Parc des Princes by manager Unai Emery.
Ben Arfa has been training with the Ligue 1 club's reserve team in recent months – and PSG are keen to move him on in the January transfer window.
The 30-year-old moved to PSG in the summer of 2016 after a superb season at Nice, then managed by Claude Puel.
Puel, now in charge of Leicester City, is considering a move for Ben Arfa, who was released from his Newcastle contract in January 2015 after falling out with then-manager Alan Pardew.
Ben Arfa had returned to St James's Park at the turn of the year after an unsuccessful loan at Hull City.
Puel, appointed at Leicester last month, is assessing his Premier League squad.
Asked about a move for Ben Arfa, Puel said: “I want first to get to know the potential of my squad and see what I can discover. If it's necessary to make adjustments, we'll see if it's possible.”