Chilwell has been linked strongly with a move to Stamford Bridge over the past few months, with rumours intensifying after the conclusion of the Premier League season.
The England international reportedly wants the move, but may ultimately be left disappointed as Chelsea are not keen to match Leicester’s valuation, which if they did would make Chilwell the most expensive full-back in history.
Frank Lampard is on the hunt for a new left-back this summer with Marcos Alonso and Emerson Palmieri both failing to make the position their own.
Chilwell fits the mould of being young, talented, and English with Lampard eager to add to his homegrown nucleus of the squad which currently includes the likes of Mason Mount, Tammy Abraham, Reece James, Callum Hudson-Odoi and Billy Gilmour.
However, if Leicester continue to remain firm on the fee then Chelsea will look to sign someone else, with Reguilon topping their list of alternative targets.
The Spaniard, who was on loan at Sevilla from Real Madrid in the 2019-20 season, was named the best left-back in La Liga after his performances for Los Nervionenses.
With Marcelo and Ferland Mendy ahead of him in the pecking order at the Santiago Bernabeu, though, Madrid could sanction a transfer in order to raise transfer funds of their own.