Chelsea are demanding €50 million ($57m) for Alejandro Garnacho after the winger did not report back to the club for preseason training, sources have told ESPN.
The 22-year-old only joined the Blues from Manchester United last summer but now wants to leave the club in search of regular first-team football.
Sources have told ESPN that both the player and the club are prioritising a permanent move and working through options rather than beginning training under new head coach Xabi Alonso.
Garnacho has attracted interest from clubs in the Premier League, Serie A and Saudi Pro League.
Sources have told ESPN that both the player and the club believe progress is being made and a deal could be finalised within the next two weeks.
Garnacho made 22 starts last season, registering eight goals and four assists following a £40m ($53.6m) move from United.
Chelsea have already allowed Andrey Santos to depart, moving to Old Trafford for a fee which could rise to £50m ($67m) while Tyrique George has joined Everton for a £24m ($32.1m) fee.