The former England captain, 36, had been widely linked with a move to the Qatari-owned French club but could now extend his spell in the United States with Los Angeles Galaxy.
“It’s over. It’s a shame,” PSG sporting director Leonardo told L’Equipe.
“But the welfare of his family in LA, the wish not to change everything in his life, weighed heavily.”It is thought the deal the Galaxy have offered Beckham is similar to the previous contract he signed, with part of his basic wage being boosted by any increase in revenue that comes from merchandise sales.