Chilwell is one of Frank Lampard’s top summer targets but Chelsea chiefs are reluctant to shell out Leicester’s asking price for the full-back.
Leicester squeezed £80million out of Manchester United last summer for Chilwell’s former team-mate Harry Maguire and they consider the left-back to be in the same price bracket.
Chelsea feel the valuation for the 23-year-old is far too high and have suggested a lower offer.
And they are reluctant to bid much more after already splashing out big on Timo Werner from Red Bull Leipzig and Hakim Ziyech from Ajax, with Bayer Leverkusen’s Kai Havertz also set to mop up a large section of their summer budget.
With Chelsea struggling to finalise a deal for Chilwell, Manchester United are ready to pounce, according to The Mirror.
Lampard wants a new left-back They and other top European sides are monitoring the England international’s situation.
Chelsea remain the favourites to sign him but if they cannot agree a fee with Leicester then United could swoop in.
Lampard is desperate for a new left-back to arrive at Stamford Bridge this summer.
He has grown unconvinced by current options Marcos Alonso and Emerson Palmieri and Chelsea may be forced to go higher than they originally hoped in order to upgrade to Chilwell.