Spurs are reportedly confident of keeping hold of Lloris through the summer window, even if they fail to reach a Champions League qualification spot.
However, the White Hart Lane outfit accept PSG are more than capable of tabling an offer that is too good to turn down.
The 28-year-old Frenchman joined Tottenham in 2012 for £8m and has been a mainstay between the sticks.
And according the Daily Mirror, boss Mauricio Pochettino has targeted Blues' wantaway stopper Cech as a possible replacement for Lloris.
The experienced 32-year-old is open to a move in the summer after losing his first-choice status at Stamford Bridge to Thibaut Courtois.
Premier League rivals Arsenal and Liverpool have also been credited with an interest in the Czech international.