PSG don't want him, because they have many options like Vitinha, Ruiz, Danilo and youngsters like Moscardo and Zaire-Emery. If they get Neves then Ugarte is not getting a single minute. He is also a pure DM - tackling, hustling, wrestling, lots of energy and ok technically with a decent pass - and that is not really needed for their league quality.
For us, he would be a good fit, as we will 100% want to play with Mainoo and Bruno, and this midfield cannot be balanced with a non-pure DM or "over the hill" Casemiro, in my opinion.