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Paredes has been on the verge of completing his transfer to Stamford Bridge, but the deal seems to have subsided while Chelsea focuses on signing Gonzalo Higuain.
An attacker was the main priority of the Blues this month after Maurizio Sarri lost confidence in Alvaro Morata and Olivier Giroud.
The club is about to enter into a contract with Higuain, loaned by Juventus for the remainder of the season, with an option to buy.
They concluded Wednesday an agreement with the champions of Italy and it is thought that Argentina will prepare for a medical examination today.
But their help for Paredes now seems to have been a problem.
According to RMC Sport, Paris-Saint-Germain has reached an agreement with midfielder Zenit St. Petersburg.
The leaders of Ligue 1 wish to strengthen their window in the midfield and follow Idrissa Gana Gueye, Abdoulaye Doucoure and Julian Weigl.
But attention is now turning to Paredes, who has signed a four and a half year contract to see him complete the transfer to the French capital.
According to the report, one of the player's representatives, Marcelo Simonian, met PSG Sports Director Antero Henrique in Doha to discuss the deal.
24-year-old agent Pablo Sabbag was also present at the meeting.
The Parisians have now made contact with the Russians who have accepted that his fate is far from the club.
Sky Italia claims that an offer of £ 30 million has been presented to Zenit, while RMC Sport claims that no official offer has yet been made.
Paredes was seen as Chelsea's substitute for Cesc Fabregas, while Nicolo Barella of Cagliari was also tied to a move.
The Spaniard left Stamford Bridge last week to meet his former Arsenal teammate Thierry Henry.
Sarri made it clear on Friday that he had to sign this window with a midfielder.
"You know my opinion on the replacement of Cesc. We need a replacement, in my opinion, "he said at his press conference.
"Marina knows my opinion very well. So, I'm not frustrated at the moment. "
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