Real Madrid have given PSG until Sunday to respond to their latest offer for Kylian Mbappe, according to reports.
The France international is out of contract at the Parc des Princes at the end of the season.
He has already informed the club that he has no desire to sign an extension beyond 2022.
Real Madrid are at the front of the queue to sign him, with Mbappe thought to be keen to move to the Estadio Santiago Bernabeu.
Although the World Cup winner will be available for nothing in 10 months' time, Madrid are going all out to acquire him before the transfer window closes at 11pm BST on Tuesday.
But Florentino Perez and Carlo Ancelotti are not willing to wait right up until the deadline, however.
According to Le Parisien, Madrid have laid down an ultimatum to PSG, stating that they will walk away from negotiations unless they receive a response from the French club on Sunday.
Madrid have informed their European rivals that they are not willing to spend more than £163m on a player who will be a free agent in less than a year.
PSG have continually insisted that Mbappe is not going anywhere, but their stance could change now that they have accepted the 22-year-old will not sign a new contract.
The Ligue 1 leaders have already turned down two bids from Madrid, the latest of which was rumoured to be worth £146m plus £8.5m in add-ons.
Perez has a sizable transfer kitty at his his disposal, with Madrid having not spent a fee on a first-team player since 2019.
It would make little economic sense for PSG to reject a bid of £163m, but the club is not looking at this proposed deal solely in financial terms.
Losing Mbappe to Madrid would represent a major blow to the club's standing, which seems to be the main reason why they have resisted the Spanish side's overtures up to now.
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