The 28-year-old left-back has been at Stamford Bridge since the €20m transfer from Roma in January 2018, although he spent last season on loan at Olympique Lyonnais.
His contract with Chelsea runs to June 2024, which means he could be available on loan with an option to buy.
Lazio and Juventus have shown an interest over recent months, but he is not considered a priority for either club.
Instead, The Athletic reports that West Ham United have made an approach for Emerson instead, offering to pay €15m to purchase the defender.
Emerson was born in Brazil, but has Italian ancestry and has made 27 competitive appearances for the Azzurri.