Alajbegovic enjoyed a breakthrough season at RB Salzburg last year, and Bayer Leverkusen have already moved to secure his long-term future, triggering their buy-back clause to bring the 18-year-old back to the BayArena on a contract running until the summer of 2031.
The Bosnia international enhanced his reputation further at the World Cup in North America, and a host of clubs are now said to be monitoring the attacking talent, including Aston Villa, Atalanta, Newcastle United, AC Milan, Napoli and Roma.
The Telegraph now reports that Chelsea are leading the race for Alajbegovic, with a move this summer considered likely. The London club have already spent heavily on Morgan Rogers this summer, who plays in a similar attacking role, but new manager Xabi Alonso is said to be a keen admirer of Alajbegovic from his time in charge at Leverkusen.
According to reports, a deal is expected to cost around £30million. Alajbegovic scored 13 goals and provided four assists in 44 competitive matches last season, form that has made him one of the most sought-after young attacking talents in Europe. He has also found the net twice in 14 caps for Bosnia at senior level.
Leverkusen originally sold Alajbegovic to Salzburg for around €2million last summer before deciding to exercise their buy-back option, a strategy the club has used previously to allow promising academy graduates to gain first-team experience elsewhere before bringing them back into the fold at a higher valuation.
His rapid rise since then has vindicated that approach, with several of Europe's biggest clubs now competing for his signature just months after his return to Germany.
Alonso's familiarity with Alajbegovic dates back to his time in charge at Leverkusen between 2022 and 2025, when the youngster was progressing through the club's academy system.
That existing relationship is understood to be a significant factor behind Chelsea's growing confidence that they can win the race for his signature, even with rival interest from clubs across Italy and the Premier League. Should the move go through, Alajbegovic would become one of the most eye-catching young additions of Chelsea's summer, joining a squad that has already been extensively reshaped under the club's current ownership model.