Newcastle have told interested parties that they must sign Yohan Cabaye by Friday if they want the club to release him, reports the Daily Star.
The Magpies are worried that a deadline day scramble for their star player could leave them with no time to sign a viable replacement, echoing a similar situation when they sold Andy Carroll to Liverpool in 2011.
According the The Journal, Newcastle have told Arsenal and PSG that they want any deal agreed by Friday so work on a replacement can begin.
Newcastle boss said as much in the match day programme by saying: "We need a little bit more than Vurnon [Anita] and Cheick [Tiote] if we lose Cabaye, because he gives us that final, killer dagger to the heart of a pass.
"We have to replace that if he’s going to go, but we’re not sure either way.
"I think there will be a time, and this is the last thing I’m going to say on him, where we need to resolve that situation and I think this week is probably a good time to get that resolved."
Arsenal were first to show their hand in the race for the Frenchman with a £10m. That was quickly rejected but the Gunners are preparing a fresh offer believed to be in the region of £13m.
However, with Newcastle setting the price tag at around £20m, that bid is likely to be turned down.
PSG are yet to make an official approach for the player as even the cash-rich club are reluctant to meet to asking price Newcastle have set after spending heavily on Edinson Cavani already this summer.
Cabaye himself is believed to prefer a move to Arsenal but it is yet to be seen whether Arsene Wenger is willing to match the valuation.
As Mathieu Flamini is expected to rejoin the club this week, Wenger may believe he has ample options in the middle of the park.