The Brazilian has been heavily linked with a move away from the Parc des Princes, with Barcelona in the running to re-sign the forward before Saudi Arabia became the likeliest destination.
Negotiations are said to be at an advanced stage, with just personal terms to be agreed.
Neymar will leave Paris Saint-Germain this summer and sign a two-year deal to join Saudi Pro League side Al-Hilal, according to reports.
The Brazilian had been strongly linked with a return to Barcelona, but it appears he is now set to become the latest major name to make the move to Saudi Arabia.
Neymar was left out of PSG’s season-opening 0-0 draw against Lorient as he nears the exit door, after arriving in the French capital in 2017 for a world-record fee of €222 million.
According to ESPN, PSG are hoping to recoup around €80m for the sale of the 31-year-old, who is said to be close to agreeing personal terms on his latest move.
Neymar has enjoyed plenty of success at PSG after joining from Barcelona six years ago. In 173 appearances for the French club, he has racked up 118 goals and 77 assists.
In that time, he also helped the club to five Ligue 1 titles and three Coupe de France trophies, although he failed to land another UEFA Champions League.
He was one of many star names targeted by PSG to form a team of galacticos that was tasked with lifting Europe’s greatest prize.
However, new manager Luis Enrique is believed to be keen on having younger, hungrier players at his disposal.
Lionel Messi left earlier in the summer for Inter Miami, while the long-term future of Kylian Mbappe also appears to be away from the Parc des Princes.
Al-Hilal have already signed Ruben Neves and Kalidou Koulibaly, but Neymar would undoubtedly be the club’s biggest signing.