As per a report in Spanish news outlet El Correo, the 33-year-old is close to agreeing terms with PSG for the termination of his contract. The Ligue 1 champions are open to letting him leave as new boss Christophe Galtier does not want him in the squad.
The French side have played two league matches so far this season, with the Spaniard not featuring in either. In total, he has played 95 matches for the French side, scoring six times since joining from Manchester United.
Herrera is now said to be negotiating a deal with Athletic Bilbao, with the LaLiga side interested in bringing him back. The midfielder had earlier rejected the idea of a return to Bilbao this summer as he was keen on staying at PSG.
He was quoted by Mundo Deportivo as saying:
"I have admiration, respect and affection for Athletic, but I am not going there in any role and I will continue in Paris next year."
However, the decision of the new manager has forced him to rethink, and the move back to Bilbao is now on the cards.
PSG planning more transfers during the window
Galtier has confirmed that PSG are not done in the ongoing transfer window and will look to sign a striker in the coming days to bolster their squad.
As per Mirror, the new manager told the reporters:
"We want another striker to come in. With a busy schedule, we want arrivals. The club is working, I am in direct contact with Luis Campos. Luis is in direct contact with our president [Nasser Al-Khelaifi]. We must not make any mistakes. Will this player arrive? We don't know. It has to be a real plus."
He added that Mauro Icardi was on his way out and hinted that the Argentine was informed of his decision.
"The club is working closely with Mauro to find the best possible solution. Mauro has had very little playing time in the last few seasons, I think it is important for him to get back on track. I think it is important for him to get back into the game."
The defending champions face AS Monaco in Ligue 1 this weekend.