The Blues are keen to offload Nkunku, but they are insisting that he can only leave the club on a permanent transfer.
Nkunku, however, has expressed a preference for joining Bayern Munich, and the German club has been in contact with Chelsea about a potential deal.
Bayern's proposal is for a loan-to-buy arrangement, but Chelsea is not willing to accept this offer.
Meanwhile, RB Leipzig has already made two loan offers to Chelsea, which were rejected.
Chelsea needs to sell Nkunku to create space in their wage budget, which is a requirement for them to sign RB Leipzig midfielder Xavi Simons.
