Another €35m (£30m) will be due when the club renews Mbappe’s deal, which expires in the summer of 2022, or decides to sell him.
The 22-year-old has so far refused to agree to a contract extension at the Parc des Princes and has told PSG that it is his dream to play for Real Madrid, who have been linked with a move for him throughout the summer.
PSG’s president Leonardo confirmed to French broadcaster RMC Sport on Wednesday the first £137m offer for Mbappe had been knocked back, and the forward will only depart the club if it is on their terms and if the correct conditions are met.
The 2018 World Cup winner has started all three of PSG’s Ligue 1 games so far this season and scored in the 4-2 win over Brest last Friday.
Mbappe arrived at the club from Monaco in 2017 on an initial season-long loan before making his stay permanent a year later.
He has scored 133 times and made 63 assists in 174 games in all competitions and helped them towards 11 major domestic honours, including three Ligue 1 titles.
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