A deal that looked nailed on a month ago is, now, almost certainly dead as reports in France reveal that Tottenham Hotspur have pulled out of any attempt to sign PSG midfielder Adrien Rabiot on loan. Le 10 Sport has revealed that Spurs essentially had a deal agreed for Rabiot two weeks ago, but PSG's manager Laurent Blanc and, more importantly, their chairman Nasser Al-Khelaifi would not allow the deal to go through.
It is being reported that, as rumored, Rabiot did have a clause in his contract which would allow him to move somewhere on loan through the end of the season, but it appears that Daniel Levy was unwilling to force the issue with PSG. There's several competing theories on why this may be and, depending on how much of a conspiracy theorist you are, each has its merits.
The first theory is that Levy doesn't want to piss off one of the richest owner in the game whose owner happens to covet two of Spurs' most prized assets: Christian Eriksen and Hugo Lloris. Blanc has made mention on several occasions of his admiration for Tottenham's Danish play-maker and, of course, having the opportunity to bring the French national team's captain to the Parc des Princes is not something to look down upon. The other theory is that Al-Khelaifi is associated with a potential Qatari buyer for Spurs and offending Al-Khelaifi could scupper any potential chance that Levy and ENIC have to line their pockets with oil money.
I think both of those theories are pretty dumb. The best explanation is probably that PSG would have fought the loan and there was no sense for Spurs to get a neutral party or UEFA to look at the contract and then allow Spurs to sign a player for only a couple of months. Daniel Levy and the club would be better served by moving on to other targets that are actually signable and that seems to be the conclusion that Levy has arrived at on his own.