The Uruguayan ace has only been with the Ligue 1 champions for around 18 months, but has been consistently linked with big money switches amid rumours that he has not settled in France.
Cavani is believed to be frustrated at being played on the wing to accommodate Zlatan Ibrahimovic up front, while some speculation suggests that living in Paris has bot been easy for him.
Although PSG are far from keen to let the man they paid Napoli £50m for go, Arsenal and Liverpool are both aware of his unhappiness, and are ready to make moves should the situation deteriorate further.
The pair are reportedly willing to smash their respective transfer records to land the prolific hit-man, with bids of close to the figure the Parisians paid on the cards.
Manchester United are also in the hunt, with Cavani seen as an alternative to current loanee Radamel Falcao.