The Blues are currently banned from registering players for two windows after breaking FIFA rules regarding the signing of under-18 foreigners.
However, Frank Lampard is plotting a £70m swoop for the England international next summer.
The Chelsea boss believes the 22-year-old Chilwell is a long-term solution at left-back.
Marcos Alonso is considering his future and Lampard wants Chilwell to compete with Emerson Palmieri for a starting spot.
Manchester City were previously linked with a move for the Leicester man but opted against submitting an offer this summer.
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