The 25-year-old has once again been one of Leeds’ standout performers in an impressive season, contributing eight goals and two assists in 19 Premier League appearances.
The Brazil international has allegedly been wanted by West Ham United, who have been informed that he is not for sale before the end of the month.
However, according to Daily Mail, the Blues are ready to enter the race to sign Raphinha, who has two years left on his contract.
It is understood, Chelsea boss Thomas Tuchel is said to be contemplating an approach at the end of the season.
Leeds United are unlikely to consider any bids below £50m.