The Argentina international, who has been rumoured to be considering signing a new deal with the Premier League champions, is believed to have been snubbed by PSG due to "extortionate" wage demands.
"If the transfer was not sorted out, it was not because he didn't want to come, but because we didn't accept his wage demands," Al-Khelaifi told Sportbild.
"He wanted to come. We don't pay extortionate wages to our players. Last winter Carlos Tevez asked too much and didn't match the club's philosophy. So we refused."
The 28-year-old famously fell out with Man City last season when he jetted off to South America for three months without the club's permission.