The rumour has since done the rounds and is also now being carried by the Sun.
But should Tottenham be worried? If Alli has his head screwed on - which the mature 19-year-old very much appears to - not even in the slightest.
Indeed, there's one thing the teenager must do if PSG come calling: say no. It's a no-brainer for the youngster, who is absolutely thriving at White Hart Lane.
Firstly, moves to the Ligue 1 champions for young players don't always work out. It's more of a haven for those entering the latter stages of their career - Zlatan Ibrahimovic and Angel Di Maria being two of their most high-profile names.
Most important, though, would be what Alli would sacrifice if he left north London for an uncertain level of playing time (a level that Yohan Cabaye just had enough of by the end).
At Spurs, Alli is part of one of the most youthful teams in Europe. It's the most youthful in the Premier League and, while Mauricio Pochettino has his flaws, one thing he does do is put faith in young players who have the energy to play the way he prefers.
The 19-year-old has been given his chance to shine at Tottenham and has already built up solid partnerships with those around him.
A move away this January or even next summer doesn't make sense.
For, even if Alli sees himself as a Champions League winner at Real Madrid one day, staying at Spurs for at least a couple of years will be his best way to do that. Just look at Gareth Bale.