The French champions have been in the market for a full-back in the ongoing transfer window and were considering a number of options.
Bellerin was one of their top targets and they made an approach to sign the defender from Arsenal in recent days.
But according to Sky Italia, the Gunners turned down the loan offer for the Spaniard and PSG turned towards other targets.
Florenzi was also on their radar and they have found little trouble in reaching an agreement over securing a deal to sign him from Roma.
Roma have accepted PSG’s loan offer, with an option to buy, and the 29-year-old will soon travel to Paris to complete the move.
Florenzi’s future has been under the scanner over recent months and he was also linked with a move to England.
Leeds United were believed to be interested, while his agent also reportedly tried to engineer a deal with Everton.
But after PSG’s failure to sign Bellerin, they have succeeded in working out an agreement for the Italian.