The bid submitted was worth around €300m, according to reports from different sources seen.
According to the report, the offer by Al Hilal includes a Real Madrid release clause.
PSG are open to letting Mbappe go, having left him out of their pre-season tour to Asia. His contract expires July 31, 2023.
Real Madrid and Arsenal are leading in the race to sign the Frenchman.
Mbappe earns around 100 million net per season. Madrid reportedly agree to pay 250 million for Mbappe.
Mbappe has for long signaled he is not interested in staying beyond the end of his current contract with the Parisians.
Al Hilal already signed Matheus Pereira from West Brom for €18.00m.