With his contract due to expire at the end of the season, it is widely expected that the France international will depart Parc des Princes on a free transfer.
During the summer, PSG felt that Mbappe had already agreed to sign for Los Blancos in 2024, leading to the attacker being banished from first-team duties in the hope of forcing a sale.
The 24-year-old was soon recalled to the senior squad and has since contributed 17 goals from as many appearances in Ligue 1 and the Champions League this season.
Nevertheless, a change of heart is not expected in this instance, like occurred in 2022, and Real Madrid are currently the clear favourites to successfully negotiate a lucrative contract with the 2018 World Cup winner.
Real are helped by the fact that they have more leeway with their La Liga salary cap for 2024-25, providing them with the opportunity to meet Mbappe's demands.
However, according to the Daily Record, Liverpool and Arsenal are prepared to explore the possibility of putting together a proposal for Mbappe.
While it is suggested that both footballing and financial reasons will be considered, the latter is arguably most pivotal with each of those teams having to break their wage structure to become contenders.
In the past, the indication has been that Mbappe is an admirer of Liverpool and manager Jurgen Klopp, and would consider a transfer to Anfield if Real were not in the reckoning.
Arsenal will likely be viewed as an outside option, yet a Premier League title triumph would theoretically catapult them into the reckoning.
The report adds that PSG have not given up hope of retaining Mbappe's services for at least one more season, even if it was on a deal for 12 months.
Furthermore, Mbappe is allegedly happier with life in the French capital, a consequence of a change in direction with first-team matters and a greater balanced squad being compiled under Luis Enrique.