Blues boss Maurizio Sarri wants to bring in a new striker this month and experienced Higuain is believed to be his top target.
Higuain is on loan at AC Milan from Juve and so the deal is not straightforward but the latest reports say Chelsea are close to arranging an initial loan deal, where the 31-year-old would stay at Stamford Bridge to the end of the season with the view to it being extended for another year on top.
However, Juventus also have an option to buy the former Real Madrid man at the end of the season and there are claims Sarri is desperate to sign him but the Chelsea board have reservations he is the right man to help maintain their place in the top four between now and May.
Higuain is ready to make the move to London but Milan boss Gennaro Gattuso denied earlier this week that he'd asked to leave the club so his future remains very much up in the air.
Higuain has made 22 appearances in all competitions for Milan this season and came off the bench for the final 20 minutes of their 1-0 Super Cup defeat to Juventus in Saudi Arabia on Wednesday.