The news comes just hours after last season’s UEFA Champions League losing finalists beat Strasbourg 4-0 in the French Ligue 1 on Wednesday to move within one point of leaders Olympique Lyon.
PSG are third in the French top flight, having lost four of their 17 games but their 11 wins is still the most in the division.
Tuchel’s relationship with PSG’s sporting director Leonardo has been an uneasy one in recent months.
Tuchel was appointed PSG manager in the summer of 2018, replacing Unai Emery in the role and the former Mainz 05 and Borussia Dortmund manager led the Parisians to two Ligue 1 titles in his two full seasons in charge of the club.
His contract was due to expire at the end of this season, having agreed an extension in May 2019.
The 47-year-old German also won one Coupe de la Ligue and one Coupe de France as well as two Trophees des Champions in the French capital.
Last season, Tuchel led PSG to their first ever UEFA Champions League final, losing 1-0 to German champions Bayern Munich in the decider.
Several reports in France have posited that the club’s former player and ex-Tottenham Hotspur boss Mauricio Pochettino is in line to be named as the new manager.
PSG have been paired with Barcelona in the last 16 of the Champions League which resumes in February.
