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The Champions League winners have been in talks with Donnarumma, 26, over a new deal for the past few months but are growing frustrated with the lack of progress.
Donnarumma will enter into the final year of his contract with PSG in 2025-26 and the club are now coming to terms with the fact they may have to sign a replacement in the near future.
According to L'Equipe, they have agreed personal terms with Lille shot-stopper Chevalier, 23, and are expected to make an initial bid worth €40 million.
Man United and Man City are both understood to be keeping tabs on the Italy international as they seek to bolster their options between the sticks this summer.