Paris Saint-Germain have made an opening offer of £44.7m (€50m) plus a further £8.9m (€10m) in add-ons for Mauro Icardi from Inter Milan.
Icardi has been on loan at PSG since last summer – a deal that included a £62.7m (€70m) option to buy.
Icardi is contracted at Inter until the summer of 2022, signing a new three-year deal before moving on loan to PSG.
Sky in Italy reported earlier this week Inter were hopeful Edinson Cavani could head in the opposite direction on a free transfer this summer.
Cavani is out of contract at PSG this summer – so is free to speak to other clubs – and he has also been a target for Atletico Madrid since January, as well as clubs in the Premier League.
Inter are understood to be preparing for the potential departure of Lautaro Martinez to Barcelona.