Chelsea were strongly linked with a move for Paredes as a replacement for Cesc Fabregas, who left for Monaco earlier this month.
The 24-year-old has been playing for the Russian club since the summer of 2017, having previously represented Boca Juniors, Chievo, Roma and Empoli.
— Paris Saint-Germain (@PSG_English) January 29, 2019
Described as a tireless midfielder, Paredes will now fill the void of wantaway Adrien Rabiot, whose future with the Ligue 1 giants remains uncertain.
He has been capped nine times by Argentina since his debut in 2017.