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 Barclays 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, but Leonardo told L'Equipe: "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.