Real Madrid manager Zinedine Zidane has reportedly told the board that defender Sergio Reguilion can leave the club as long as the £22.4 million valuation is met, with Chelsea being interested.
The 23-year-old defender has spent the season on loan at Sevilla, where he has made 37 appearances in all competitions.
Chelsea are currently searching for a new left-back, after being priced out of securing the signing of Ben Chilwell.
The Blues are looking to sell Emerton Palmieri and Marcos Alonso, with both of them struggling to find a place in Frank Lampard's team.
Reguilion has impressed throughout the season, and in particular during Sevilla's 2-1 win during the Europa League semi-final against Manchester United. During that game, Reguilion proved to be an adventurous full-back, troubling Aaron Wan-Bissaka constantly.
Reports from Spain have claimed that Reguilion is not part of Zidane's plans, with the Frenchman preferring Ferland Mendy.
Chelsea face competition from Paris Saint-Germain to secure the Spaniard's signature.
Speaking before the Europa League final game against Inter, Reguilion stated that he will be assessing "all the options" that he has on offer.