The England under-21 midfielder has been on loan with Nottingham Forest for the first part of the season, but Championship rivals Leeds hope to persuade him to move to Elland Road once the loan expires in January.
Chalobah is set to return to Stamford Bridge next month after a mixed spell at the City Ground, although any first team opportunities are likely to be limited with the Blues.
Jose Mourinho will have no problem letting the youngster leave for another loan spell, and Leeds have shown the most interest so far.
Chalobah, 18, is on a big salary for such a young player at Stamford Bridge, money the blues have been trying to recoup with his various loan spells.
The England under-21 midfielder spent last season on loan at Watford, and impressed under former Chelsea hero Gianfranco Zola.
Chalobah was an integral part of the Watford side that made it to the play off final, only to miss out on promotion to the Premier League by suffering a 1-0 defeat to Crystal Palace.
His form has not been as impressive at the City Ground, although Leeds will be hopeful a switch to Elland Road will bring the best out of the youngster.