Manchester City are considering exercising a buy-back option on Angelino, Sky Sports News understands.
The Spanish full-back, who was deemed surplus to requirements when he was sold to PSV Eindhoven a year ago, has caught the eye this season in the Eredivisie and the 22 year-old academy product would be available to City for £6m this summer.
It has led to reported interest from PSG, who would have to pay a much higher price to land the player, and Sky Sports News understands that City believe it would represent good value if they choose to bring him back.
Angelino initially joined City in 2013 and featured regularly for the club's youth teams.
He was then loaned out to MLS side New York City, Girona, Real Mallorca, NAC Breda and most recently PSV Eindhoven for 2018/19, where the left-back made 31 Eredivisie appearances.