Bisevac only signed for PSG from Valenciennes in the summer and was a signing of Antoine Kombouare, who has now left and been replaced by Carlo Ancelotti.
Ancelotti wants to sign Alex and this could see Bisevac leave, with City thought to be interested in him.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.