It is believed that the 18-year-old, who is coming towards the end of a loan stint with Dutch side Vitesse, has been locked in a contract row with his parent club for some time.
According to The Sun, the England youth international has demanded £50,000 a week and also a role within the first-team squad at Stamford Bridge.
As a result, the report adds, a stand-off has been reached between the player and the West Londoners.
Further speculation claims that the uncertainty has attracted the attention of Arsene Wenger, who has a track record of giving young players a chance to prove themselves at the Emirates Stadium.
There is no suggestion that Wenger is prepared to meet Solanke's wage demands, but he is ready to offer him a more prominent role on the playing front.