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Chelsea are set to miss out on the signing of Leandro Paredes from Zenit St Petersburg after PSG made a bid to gazump the west London club, per The Telegraph's Matt Law.

The Blues had reportedly agreed a deal in principle for the midfielder, who has made 22 appearances for the club thus far this season, per Transfermarkt.

Paredes played in Serie A prior to his move to Zenit and is well known to Blues boss Maurizio Sarri, who continues to seek a replacement for Cesc Fabregas.

The Spaniard was allowed to join AS Monaco earlier this month in a deal that did not include a transfer fee, according to the BBC.

However, Paredes is not set to move to Stamford Bridge and is instead poised to move to the Parc des Princes.

Check out the video below for Emma Conybeare's rundown of which clubs need what in the January transfer window...

The Telegraph claim that PSG will pay €40m (£34.9m) for Paredes, who has also won nine caps for Argentina.

Chelsea did manage to complete the loan signing of Gonzalo Higuain from Juventus on Wednesday, reports the club's official website.

The striker moves to the club to bolster their hopes of qualifying for the Champions League, having spent the first half of the season on loan at AC Milan.

However, despite their joy at securing a striker, Blues fans on Twitter are disappointed at the news that Paredes will not be joining his compatriot at Stamford Bridge.