La Gazzetta dello Sport is reporting that the west London club are ready to make a formal approach.
Alonso attempted to sign Cambiaso for Real Madrid last summer before the two clubs failed to reach agreement on a fee. His move to Stamford Bridge now revives that interest in a different context — with Chelsea actively managing Cucurella's potential exit and needing a left-sided defensive option capable of operating across multiple positions.
Juventus are prepared to sell. The Turin club missed Champions League qualification for next season, finishing sixth in Serie A, and require transfer income to fund their own rebuilding operation.
Cambiaso, 26, is valued at a minimum of €50m — a significant profit on the €15.5m Juventus paid Genoa for him in 2022. That deal also included a 15 per cent sell-on clause in Genoa's favour, meaning the Ligurian club would receive approximately €7.5m from any sale at that valuation.
Cambiaso has made 132 appearances across all competitions for Juventus, scoring eight goals. He can operate at left-back, right-back and occasionally as a wide midfielder — the flexibility that attracted Manchester City in January 2025, when advanced negotiations for a deal worth €65m collapsed after he suffered an injury that removed the urgency from City's pursuit.
Chelsea's interest is also framed by the Cucurella situation. The Spain left-back is expected to leave Stamford Bridge this summer, with Atletico Madrid considered the frontrunner for his signature. Cambiaso is considered a direct upgrade in profile and technical quality.
Barcelona and Como have also registered enquiries about his availability. Whether Chelsea move quickly enough to stay ahead of that competition will be one of the summer's more intriguing sub-plots, given that Alonso's arrival at Stamford Bridge on July 1 is likely to accelerate the club's transfer activity considerably.