The move follows increasing pressure on the French pay-TV giants from parent company Vivendi Universal as it struggles under increasing financial pressures.
According to reports, Vivendi sources say the team will be sold to the right bidder.
Earlier this week Vivendi confirmed Canal+ would be broken-up as it attempted to restructure to safeguard its long-term future.
Canal+ originally bought the club in 1991.
Said Alain Cavzac, chief of the PSG Association which deals with the management of the club's brand: "This could not have happened at a worse time. The season is about to start and the team is preparing for that - this is a real blow. You cannot play around with a club like PSG."
Local media reports put the price of the club at around $230m.
