Sky Sports understands Feruz has agreed terms on a new deal to keep him in west London until 2018.
Feruz is regarded as one of the best young players in the country and the Blues were determined to secure his long-term future at Stamford Bridge.
Chelsea beat a number of their Premier League rivals to Feruz's signature when they snapped him up from Celtic in September 2011.
Feruz has impressed for Chelsea's Under-21s over the last couple of seasons and he is also a regular for Scotland's Under-21s.
The skilful attacker is highly-regarded within the corridors of power at Stamford Bridge and he was included by Jose Mourinho in the first-team squad for their pre-season tour of Asia this summer.
Chelsea could decide to loan out Feruz in the future so that he can some valuable first-team action under his belt before making the step up to Mourinho's side.