The Brazilian playmaker signed for the Blues in 2012 and initially looked on course to develop into a key player in the west end of London.
However, his progress has stagnated in recent years, and the emergence of rivals at Stamford Bridge has seen him slide down the pecking order.
Now reports claim that, after giving him a chance to impress during pre-season, Conte has made his mind up that Oscar does not feature in his plans going forward and that bids of around £30m will be accepted.
Inter Milan re understood to be keen on the silky South American, who, at 24, has time to fulfil his undoubted potential.
Given that Chelsea have fewer games to prepare for in 2016/17 due to a lack of European football, Conte will need a reduced pool of players.