Reports suggest the 19-year-old is not too keen on a move to Stamford Bridge because he wants to play regular first-team football.
And, with Birmingham reportedly looking to offload a number of players to reduce their wage bill, Stoke boss Tony Pulis could lodge a bid for Butland before the end of the transfer window.
Butland was a member of England's Euro 2012 squad last summer and excelled for the Great Britain team at the Olympics.
Southampton remain the only club to have lodged a firm bid for Butland, with their £6m move knocked back last summer.
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