Toure has arguably been the club's standout player since the injection of funds by Sheikh Mansour in 2008 and has helped the Citizens to two Premier League titles, the FA Cup and the league cup since joining from Barcelona in 2010.
With City having endured a tough campaign this season, many suggest a squad overhaul is needed for the Sky Blues to maintain their position as one of the elite clubs in England, and 31-year-old Toure is believed to be amongst those the City board are ready to cut loose.
"No amount of wages will make me stay at a club if I feel that I no longer belong there or if no challenge exists for me," he is quoted as saying by the Guradian.
"It would be unjust on my part. There comes a moment where numbers don't stop us, it goes beyond that, even if the English press seem more interested in the numbers than the sport itself.
"For the future, I don't know more than you do, because I will always go where I am offered new challenges. That is in my nature.
"PSG are a great club. I think they can develop even further than they have come. They are a big club where any great player can fit in harmoniously and make a contribution.
"I have reached a stage in my career where the sporting challenge a club offers me is more important than anything else."