The newspaper reported that the former German driver is in the hands of Professor Philippe Menasché, a prominent 69-year-old cardiac surgeon who pioneered cell therapy to treat heart failure.
The racing legend has not been seen in public since a tragic skiing accident five years ago.
The Paris hospitals authority, citing France's strict medical privacy rules, said it could not comment on the report in Le Parisien that Schumacher was admitted on Monday under tight guard to the Georges-Pompidou hospital, with transfusions of stem cells scheduled.
"The treatment will begin on Tuesday morning and (he will) leave the establishment on Wednesday", said Le Parisien, which claims the former Ferrari star has already been treated there twice this spring.
The Schumacher family, which has so far not responded to this new report, last made a statement on Michael's condition on the eve of his 50birthday earlier this year.
His long-time manager Sabine Kehm has yet to comment.
The newspaper said that Schumacher was accompanied by a 10-strong security team, and arriving in a Geneva-registered ambulance, had his face and body covered by a "navy blue cover" when he was taken to the Continuous Monitoring Unit of the Cardiovascular Surgery Department on Monday afternoon.
He was placed in a medically-induced coma for six months after the fall and was moved from Grenoble hospital to Lausanne before being returned home in September 2014 where he receives private treatment.
The paper also claims that Schumacher's longtime medical advisor and family friend Professor Gerard Saillant is present at the hospital.
His family has released very little information about his condition since the accident. Thick forest surrounding his castle-like home with high surrounding walls provides sanctuary from fan and media intrusion.