Blanc's future at PSG appeared in jeopardy three weeks ago when club president Nasser al Khelaifi described the 2015-16 season as a failure because of the club's elimination from the Champions League by Manchester City.
PSG achieved their second successive domestic treble by winning Ligue 1, the French Cup and the League Cup, but Champions League progress stagnated as they lost in the quarter-finals for the fourth successive season.
Former France defender Blanc, a world champion with Les Bleus in 1998, coached the national team from 2010-12 and took over from Carlo Ancelotti at PSG in 2013.
He signed a two-year contract extension in February.
The contract was terminated on Wednesday, L'Equipe said, citing unnamed sources.
Spanish and French media reported that Blanc would be replaced by Basque coach Unai Emery, who left Primera Liga club Sevilla on June 13.
PSG did not reply to a text message from Reuters seeking comment.
($1 = 0.8814 euros)
(Reporting by Julien Pretot; writing by Pritha Sarkar, editing by John Stonestreet)
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