Como head coach Cesc Fàbregas, twice a Premier League winner with Chelsea, wants Chalobah for next season and talks are expected to continue as both sides look for common ground.
Chalobah is currently representing England at the World Cup after stepping into the squad to replace injured Newcastle United right-back Tino Livramento.
Chelsea's position is complicated by their rivals' awareness that the club needs to reduce a central defensive department that currently stands at nine players. The Blues are looking to add at least one new centre-back — and have made an enquiry about Crystal Palace's Maxence Lacroix — but cannot do so until they first move some of those already on their books.
Levi Colwill, Aaron Anselmino, Axel Disasi, Benoit Badiashile, Wesley Fofana, Tosin Adarabioyo, Mamadou Sarr and Josh Acheampong make up the rest of that group alongside Chalobah.
Despite the pressure to sell, Chelsea are unwilling to accept a discount and will hold out for a fee closer to their stated valuation. Whether Como can bridge the gap — or whether a competing offer from another interested club changes the dynamic — will determine how quickly the situation is resolved.
For Chalobah, a move to Como under Fàbregas would offer regular football in a project with genuine ambition and a coach who has shown he can develop players in Italy. The 26-year-old needs clarity over his future after a frustrating period at Stamford Bridge, and Como's interest represents a concrete opportunity.
Whether Chelsea's valuation proves an obstacle or whether both clubs find a compromise will determine whether Fàbregas gets the centre-back he is targeting before the window closes.