QPR have failed to sign Chelsea centre-back Alex after both parties reportedly failed to agree personal terms.
The Brazilian, 29, has been told he has no future at Chelsea after handing in a transfer request.
On Saturday, Loftus Road sources said a deal had been agreed after an improved bid, while Chelsea boss Andre Villas-Boas said an agreement was not far off.
But it is understood that QPR will not match his wage demands, leaving Paris Saint-Germain favourites to sign him.
Leonardo, the French club's director of football, said on Tuesday that "there is the possibility" of signing the defender, while Alex is understood to be in favour of a move away from England.
If successful, Alex would link up once again with former Chelsea manager Carlo Ancelotti.
"We know Alex's market value," Villas-Boas said on Saturday. "We're just not going to let him go easily.
"He is a player who has attracted a lot of interest from Premier League clubs and from abroad."
Alex, who has also been linked with Juventus, was signed by Chelsea from PSV Eindhoven in 2004, but he had to be loaned back to the Dutch side because of work-permit issues and only moved to England in 2007.