Italian publication Il Tempo have claimed that Serie A side Roma have already made an approach for the star.
They want him on a six-month loan deal next month ahead of a potential permanent transfer at the end of the season.
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AC Milan are also known to hold an interest in Fabregas.
However, the delay in the Chinese takeover of the club means that they will be limited to what business they can do next month, allowing Roma to push ahead of their rivals.
Cesc Fabregas has struggled for game time under Antonio Conte this seasonGetty ImagesRoma want Fabregas on a six-month loan deal with the view to making it permanent in the summerReutersFabregas won the Premier League title in his first year at ChelseaGetty Images
Former Arsenal ace Fabregas moved to Stamford Bridge in a £28million deal from Barcelona in 2014.
He won the Premier League in his first season with the club but has struggled to make a significant impact since.
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