According to 'Le10 Sport' the attacking midfielder is being watched by the three European powerhouses, as well as Liverpool and Manchester City.
Paqueta gained notoriety recently as he earned his first senior call up the the 'selecao' for their recent friendlies with El Salvador and the United States.
The tricky 21 year old has six goals and four assists in 28 appearances this season and has previously helped his boyhood club to the Copa Sudamerica final.
The young prospect has two years remaining on his current deal, which reportedly has a £44million buy out clause, something sure to interest any potential suitors.
Flamengo vice-president Ricardo Lomba is adamant that he wants Paqueta to stay though, in an interview with 'SPORT' he stated: ''Now he's gone with the national team, it's clear he's climbed up a step.''
''We want him to stay and will do everything we can to keep him at the club where he's developed as a player.''