Chelsea were heavily linked to Dembele in January but, after a month of speculation, the French striker stayed put.
It was rumoured that Chelsea were holding out for RB Leipzig forward Timo Werner - who was also linked to the Blues in the winter window.
However, it seems that Liverpool are now strong favourites to land the German who has a £51m release clause in his contract.
Chelsea are now set to revive interest in Dembele with a view to a summer bid, according to The Athletic.
Dembele, who has also been linked to Manchester United, has been in fine form of his own this season.
The 23-year-old has scored 16 goals in 27 appearances in Ligue 1 this season - a decent return in a struggling Lyon side.
Chelsea are believed to be looking for a striker who can provide Tammy Abraham with some much-needed competition.
Frank Lampard has so far given the impression that he is not completely convinced by Olivier Giroud or Michy Batshuayi.
In fact, both forwards are have been reported to be looking to leave the club come the summer transfer window.
Dembele is currently on a contract that ties him to Lyon until 2023 which means the club are in their rights to demand a substantial fee.
Despite their staunch stance in January, which rebuffed any approach for Dembele, Lyon are now said to be feeling the pressure to sell.
Last month, the club's president Jean-Michel Aulas said: "We already have a certain number of offers for our players for summer.
"We sell the players who want to leave to where they want to go."
Chelsea were thought to have explored a deal for Dembele worth £40m in the winter window.
However, it is likely that Lyon could ask for almost double that figure if the West Londoners come knocking again in the next few months.
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