The Premier League champions are thought to be weighing up an offer should they decide to offload Lescott in January. The England international has fallen down the pecking order at the Etihad Stadium, with Vincent Kompany, Matija Nastasic and Kolo Toure all preferred to Lescott this season.
Like Lescott, Sakho was once a first-team regular at his club, but the summer arrival of Thiago Silva from AC Milan has seen Sakho resigned to a bit-part role in Carlo Ancelotti's squad.
The 22-year-old is a firm favourite of the Parisian crowd after coming through the PSG academy, but the France international is keen to play first-team football.
The report claims Sakho was told in August that can leave the club, but at that time he was eager to try and force his way into the club's first-team plans.
According to the Daily Mail, Sakho was offered to a number of top European clubs, and several in England showed interest, as well as AC Milan and French club Lille.
Arsenal were reportedly set to make a move, but needed to make room in their squad first, with defenders Sebastian Squillaci and Johan Djourou still on the payroll.
But it appears Manchester City have now jumped to the front of the queue, and Mancini could be prompted to bid if Lescott decides to leave the club.