Financial difficulties have led to speculation that the Midlanders are willing to accept as little as £3m for the England international, who is regarded as one of the finest emerging talents in the country.
But the Merseyside duo face competition from the Blues, who are keen to bring in Butland to add depth to their squad.
The Londoners already possess two top quality goalkeepers in Petr Cech and Thibaut Courtois, who is on loan with Atletico Madrid, as well as back-up stoppers Ross Turnbull and Hilario.
But, the club’s hierarchy see Butland as somebody who can challenge for a starting berth in the future.
In the event a deal is reached, it’s likely that Chelsea will loan him out to maintain match sharpness and gain experience.
Liverpool would be unlikely to offer the youngster guaranteed football with Pepe Reina established as their number one, and it would probably be a similar story at Everton, with the presence of experienced American Tim Howard.
Southampton are also believed to be interested and may look to force him straight into the starting XI in place of Artur Boruc.