According to reports in the French press the 25-year-old man was stabbed at around 11.30pm outside a brasserie on Boulevard de Magenta, in the 10th arrondissement of the city near the Gare du Nord rail station.
It was first thought the victim was an Iceland fan, but it later emerged the man, who was with his girlfriend, was actually an Englishman "who was supporting Iceland".
One media report said he was "wearing the colours of both Iceland and France".
He is believed to have been involved in a dispute with his attacker before being stabbed, what started the “verbal dispute” is not known.
The knifeman, whom Le Parisien newspaper said was “not a football supporter”, according to their police sources, was arrested at the scene of the attack by an off-duty police officer.
Two knives were found in a bin near the where the stabbing occurred.
The young fan was taken to the nearby hospital Pitié-Salpêtriere where he was operated on overnight.
His condition is described as serious but not life-threatening.