The European champion will reportedly pay an initial fee of €40 million ($71.3 million) for the 23-year-old, who has signed a five-year contract, with a further €15 million ($26.8 million) due in add-ons.

Chevalier is expected to become Luis Enrique's first-choice goalkeeper, with Donnarumma, who helped PSG win a Ligue 1, Coupe de France and UEFA Champions League treble in 2024-2025, likely to move on.

Manchester United and Chelsea have been linked with Italy's UEFA Euro 2020-winning goalkeeper, with a return to Serie A with Inter Milan also a possibility.

Donnarumma only has one year remaining on his contract at PSG and saw his form dip last season, despite the club's success.

Chevalier said: "I am a kid that is living his dream. Ever since I was small, I wanted to play at the very highest level.

"I would like to thank the chairman Nasser Al-Khelaifi, [club advisor] Luis Campos and the coach, Luis Enrique, all his coaching staff and everyone that worked hard to get me to Paris Saint-Germain.

"I'm really delighted to be here. I will wear this shirt with passion and ambition."

PSG begins its new season against Tottenham Hotspur in the UEFA Super Cup next Thursday (AEST), before visiting Nantes for a Ligue 1 opener four days later.