Iturbe is currently on loan at Serie A club Hellas Verona from Porto, where the 20-year-old has impressed during his debut season in Italy’s top flight.
He has managed five goals and two assists in 22 appearances for the Serie A newcomers, who currently sit seventh in the division.
Verona are hoping to take him on loan next season as well, but Porto may be ready to cash in on the 20-year-old, following reported interest from Everton, Juventus and Roma.
Liverpool and Arsenal are understood to have held a long standing interest in the winger, but now it seems Jose Mourinho is ready to step in and negotiate with former club Porto.
Chelsea have already beaten Liverpool to the signatures of two wingers in the last two transfer windows, signing Willian and Mohamed Salah from under the noses of their Premier League rivals.
And now Mourinho fancies his chances of pipping Brendan Rodgers to another wide player, after firming up his interest in the talented Iturbe.