The Portugal international has been a long-term Spurs target - a £22m deal for the midfielder reportedly collapsed on the final day of the summer transfer window last year.
Tottenham were linked with a move to rekindle that deal in the January window but it never materialised, and it now seems they will face competition from the Ligue 1 leaders in the summer.
Reports in France claim PSG will firm up their long-term interest in the 26-year-old at the end of the season as manager Carlo Ancelotti is a huge fan of the Portuguese midfielder.
Moutinho is tied down to Porto until the summer of 2015 so PSG will have to splash out to sign the playmaker.
Andre Villas-Boas was the man who brought Moutinho to Porto from Sporting Lisbon, but his wage demands, believed to be more than £100,000-a-week, could make it difficult to bring him to White Hart Lane.
PSG would have no problem paying that wage though - they've been one of the highest spenders in Europe over the past 18 months bringing in Thiago Silva, Zlatan Ibrahimovic, Ezequiel Lavezzi and Javier Pastore.
The report claims the wages plus PSG's interest could prompt Villas-Boas to explore alternatives come the end of the season.
Spurs slipped up at the weekend, a Dimitar Berbatov goal enough to steal the three points away from Tottenham at White Hart Lane.
That result leaves them four points clear of Arsenal in fourth place, but the Gunners have a game in hand on their north London rivals.