Relations between Bakkali and PSV have been strained with the 18-year-old refusing to sign a contract extension at the Eredivisie club.
PSV technical director set a March deadline to tie Bakkali to a new deal and the club has grown increasingly frustrated with the youngsters antics both on and off the field.
Things reached a new low last weekend when Bakkali was substituted 16 minutes into a friendly with South Korean side Gyeongnam FC.
Interim PSV boss Ernest Faber reportedly had enough after watching Bakkali let his defensive assignment go past him three times in the opening stages of the game.
It is the latest indication that Bakkali will opt to move on from PSV this summer, with Arsenal and Liverpool both willing to take a punt on the youngster's prodigious talent.
There are lots of clubs in for me.
Bakkali's current deal expires at the end of the coming season and PSV accept they must sell this summer if he won't agree terms.
Arsenal, in particular, could move for Bakkali after Arsene Wenger successfully turned Robin van Persie into a superstar despite the now-Manchester United star having a reputation as something of an 'enfant terrible' during his time at Feyenoord.
For his part, Bakkali said recently: "There are lots of clubs in for me.
"It may take months [to sort out], but it could happen tomorrow."
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