Wales forward Bale came off at halftime in Saturday's 3-0 La Liga win at home to Levante. Modric has not played since damaging a thigh muscle playing for Croatia in this month's Euro 2016 qualifier against Bulgaria.
Real, who also have James Rodriguez, Karim Benzema, Pepe and Dani Carvajal out injured, did not say how long Bale might be sidelined but he looks certain to miss the Group A clash at the Parc des Princes.
Real and PSG each have a maximum six points from their opening two games in the group, with Malmo and Shakhtar Donetsk yet to register a point.
(Reporting by Iain Rogers, editing by Tony Jimenez)
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