The France forward is out of contract in June 2024 and free to negotiate with foreign clubs from January 1.
Many felt this would be Mbappe’s last season at PSG following a high-profile fallout with the club over the summer.
However, the 24-year-old could yet make another U-turn after being impressed with the new regime in Paris.
Madrid have always been frontrunners for Mbappe’s signature but Liverpool are often linked with the former Monaco star after talks with Jurgen Klopp in 2017.
Speaking to talkSPORT, L’Equipe journalist Loic Tanzi insists the Reds have a real chance to sign Mbappe – but only if Madrid pull out of the race.
“Liverpool wanted him when he was playing for Monaco,” Tanzi said before PSG’s 1-1 draw with Newcastle on Tuesday night.
“Klopp went to see him and they were negotiating while they were on the plane.
“The relationship between him, Liverpool, and Klopp is there. I think they have a chance.
“If Madrid decide to let him go, and they don’t want him anymore, I think Liverpool have a chance.”
It is understood Mbappe’s decision revolves around winning the Champions League and propelling himself into Ballon d’Or contention.
Tanzi added: “Mbappe loves Paris Saint-Germain. He’s a young man from the area around Paris.
“If you asked me the question during the summer, I would say 100 per cent he would leave at the end of the season.
“I’m not so sure now – because winning the Champions League here in Paris is more important than winning the Champions League in Madrid.
“Winning just one Champions League here is more important than winning two or three at Madrid or Liverpool, for example, because we know Liverpool want him as well.
“So I think they can convince him to stay – because the new project is built around him. That’s what he wants. He wants more responsibility.
“He wants to feel that the club can do it. If he does not think they can win the Champions League, he will leave.”
