The Argentine has also agreed to extend his contract at Inter Milan to ensure his temporary move to France can be completed on deadline day.
Per Italian journalist Fabrizio Romano, the loan agreement between Milan and PSG includes an option to buy next summer, meaning the deal is worth €70 million in total.
"Mauro Icardi is getting closer to PSG," Romano tweeted.
"Inter are ready to extend his contract and then loan the Argentinian striker to Paris Saint-Germain for one year + buy option (€70M total).
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"The two clubs are in talks to complete the deal. Icardi is ready to fly to Paris."
The loan, which is expected to be confirmed around 17:00pm on Monday, will see Icardi end his nightmare at Inter.
A TIMELINE OF ICARDI'S INTER TROUBLES
He was once a fan favourite and even club captain at the age of 22, but in 2015, the striker had a spat with some of Milan's ultras mid-way through a disappointing season.
Less than a year later, he called out the same fans in his autobiography, expressing his disgust over the situation, which had seen Icardi throw his shirt into the crowd before it was thrown back to him.
After calling out the ultras, his relationship with the fans never recovered and earlier this year, the Argentine was stripped of his captaincy.
That happened after his wife and agent, Wanda Nara, attempted to use her considerable media presence as leverage to negotiate Icardi a new contract.
After he lost the captaincy, Icardi refused to travel with the squad for a Europa League game and more recently, he's been exiled from aspects of training by new coach Antonio Conte.
Talk about a fall from grace.
His move to PSG will offer the 26-year-old a fresh start, but we'll have to wait and see if he will stay in Paris for more than one season.News Now - Sport News