The free-spending Ligue 1 club - who are also chasing Chelsea defender Alex - have been consistently linked with the unsettled Argentinian forward in recent weeks as he looks to leave the Premier League.
Tevez's advisor Kia Joorabchian had travelled to Paris to meet with senior club officials, including sporting director Leonardo and new coach Carlo Ancelotti. Tevez has also been pursued by Italian sides AC Milan and Inter Milan among others and Leonardo has confirmed they have been unable to strike a deal for the striker.
"We stopped the negotiations," he told L'Equipe. "At the moment there is not much movement in the market.
"There was an opportunity, we have studied it, we made a good offer but failed to agree a deal. We will not pay excessively so we stop. It's over."
The Brazilian former World Cup winner did, however, confirm they are chasing Alex and Inter Milan midfielder Thiago Motta.
"Both of them are possibilities but for now, nothing is done," he revealed.
