Both teams have been eager to bolster their ranks in the off-season, with notable new faces arriving at both the Liberty Stadium and Vicarage Road.
Le Parisien claim that the Premier League pair are embroiled in a battle with German sides Eintracht Frankfurt and Mainz for the 22-year-old’s signature.
The versatile forward is a youth product of the current Ligue 1 champions and has spent time out on loan with Troyes and Valenciennes in the past.
However, first-team opportunities at the Parc des Princes have been few and far between, with Zlatan Ibrahimovic having full control over the sole striking position in Laurent Blanc’s side.
Bahebeck made only three Ligue 1 starts last season, making 12 more appearances from the bench and scored twice in 2014-15.
With no sign that regular action is set to be forthcoming, Swansea and Watford are set to test PSG’s resolve with offers for the former France under-21 attacker.