Lucas Piazon had his loan spell with Rio Ave ended early ahead of a permanent transfer away from Chelsea after nine years at the club.
Three unnamed clubs are said to be in negotiations with Chelsea, who have made Piazon available for a permanent transfer with his contract expiring soon.
The 26-year-old has just six months left on his current contract, but an option for an extra year ensures that the Blues can cash in on the Brazilian forward.
The deal is a blow for the Primeira Liga club after he became a regular during his 18-month loan at Estadio dos Arcos.
However, Piazon has been looking for a move away from the loan system having made seven temporary moves in his nine years at Chelsea.
It had also become increasingly clear that he would not build upon his three appearances in Chelsea’s first team after arriving as one of Brazil’s most exciting talents in a £5 million ($7m) move from Sao Paulo in 2012.
Chelsea is also keen to reduce their loan group ahead of next season with new FIFA regulations coming in to limit clubs to just eight such deals for players over the age of 22.
Meanwhile, Baba Rahman and Danny Drinkwater are currently playing and training with Chelsea’s Under-23s ahead of possible January loan deals.
Drinkwater has been linked with a move to Turkish Super Lig club Kasimpasa. However, any imminent move has been denied to Goal with the £35m ($47m) signing from Leicester still looking to get his Blues career back on track.
A move away for Rahman is more likely with two overseas clubs in advanced talks over six-month loan deals. This will likely be as a showcase of his fitness and talent ahead of a summer transfer out of Stamford Bridge.
Chelsea is also willing to loan out Dujon Sterling and Charlie Brown, but Charly Musonda is still proving his fitness having only just returned to training.
Ike Ugbo, currently on loan at Club Brugge, has been the subject of a rejected £3m ($4m) offer from Russian club Rostov, with a £5m price tag placed on the in-form 22-year-old striker.
The rest of Chelsea’s youngsters are being kept ahead of the FA Cup clash with League Two side Morecambe, which will likely see Frank Lampard offer a mass of debuts to academy stars.