Le Figaro newspaper said the thieves, who were known to police for previous cases of art theft, had taken the paintings from their frames and rolled them up.
The paintings, Maya a la Poupee (Maya with Doll) from 1938 and Portrait de Femme, Jacqueline from 1961, were stolen in February from the house of Diana Widmaier Picasso, Maya's daughter, while she and a friend were sleeping.
Officials on Tuesday also found a drawing by Picasso that had been stolen in February.
A lawyer of Widmaier Picasso was quoted as saying: "The paintings are coming back to the Picasso family."
The Spanish painter, who spent much of his life in France, died in 1973. His works are rated among the world's most expensive.