The England international will be offered £100,000 per week, reports Metro.
The 22-year-old has emerged as one of the best left-backs in the Premier League over the past couple of seasons and started for England in their 6-0 win over Bulgaria on Monday night.
Chilwell has been linked to both Manchester United (who hasn’t?) and more recently Chelsea.
Given his outstanding form, he has been earmarked as one of Frank Lampard’s top targets once Chelsea are able to buy players again following their UEFA transfer ban.
Reports last week claimed that Chelsea are leading the chase to sign Chilwell and are hopeful of launching a bid for him in January if their appeal against a two-window ban is successful.
The Leicester man could fit in well at Stamford Bridge with Frank Lampard’s youth revolution gaining momentum with outstanding performances from fellow Englishmen Fikayo Tomori, Mason Mount, Callum Hudson-Odoi and Tammy Abraham.