ESPN reported this week that Arsenal head coach Mikel Arteta is keen on signing Aouchiche in the summer transfer window.
The report stated that the 17-year-old attacking midfielder is out of contract at PSG this summer, but the French club are hopeful that they can retain his services.
Last month, 90min claimed that PSG were planning to tie down the teenager to a long-term contract and then send him to Leeds on loan for the 2020-21 campaign.
However, it seems that both Arsenal and Leeds will miss out on the talented and promising young player.
According to a Goal.com report published this afternoon, Aouchiche is on the verge of joining Saint-Etienne on a free transfer.
The report has claimed that the Frenchman arrived at the club on Thursday evening and underwent part of his medical this morning.
It has been added that all parties are planning to continue discussions over a deal this afternoon, although the player himself has yet to make a final decision and will undergo further tests.
According to WhoScored, Aouchiche played 65 minutes in Ligue 1 and played twice in Coupe de France for PSG this season.