The Portuguese playmaker has emerged as a transfer target for the big-spending Ligue 1 side, and the report suggests Carlo Ancelotti's club have jumped ahead of Tottenham in the battle to sign the midfielder.
The 26-year-old Portugal international was a summer target for Spurs, and Andre Villas-Boas reportedly came close to clinching a £22m deal for Moutinho as the transfer window shut in August.
But the agreement collapsed and Moutinho remained with Porto, although now PSG and ambitious Russian side Zenit St Petersberg have joined the chase.
Villas-Boas coached Moutinho at Porto, and helped guide the Portuguese club to a league title and Europa League. And the new Tottenham boss hoped to renew his interest in his former-player when the transfer window reopened in January, but it seems he'll face stiff competition for his signature.
The report suggest Moutinho is desperate to play Champions League football, something Spurs cannot provide this season, but the former-Sporting Lisbon star would be cup-tied for this year's competition anyway.
The Daily Mail also claim PSG or Zenit could tempt Moutinho with a mammoth wage offer, perhaps as high as £150,000-a-week, according to the report.
The Ligue 1 side have reportedly already enquired over the availability of the Portugal international, but any deal could be delayed until next summer, depending on Porto's progression in the Champions League.