The Champions League holders were looking to bolster Thomas Tuchel’s defensive options in the summer window but ended without a new signing.
Jules Kounde was Chelsea’s top target but the move fell through in the closing stages of the window after Sevilla increased their asking price for the France international.
The emergence of Trevoh Chalobah this season has helped Tuchel but Chelsea are still keeping their options open as they face the prospect of losing Antonio Rudiger at the end of the season as his contract expires.
According to Foot Mercato, Chelsea have now made direct contact with Fofana’s representatives to discuss a potential move.
The report claims that Manchester United and Real Madrid are also interested in Fofana but only Chelsea have made an approach so far.
The 20-year-old has impressed since joining Leicester City from Saint-Etienne in a £36.5 million deal last year.
Fofana is yet to make an appearance for Leicester this term after suffering a fractured fibula and medial ligament damage during a pre-season friendly.
But the French defender is now closing in on a return for Brendan Rodgers’ side.
‘I’m starting to see the end of the tunnel,’ Fofana told ActuFoot on Wednesday.
‘The return is coming soon. It will be at the end of December if all goes well.’
For more stories like this, check our sport page.
Follow Metro Sport for the latest news on
Facebook, Twitter and Instagram.