According to The Athletic, 16-year-old Nicoll-Jazuli has signed a new scholarship contract at Stamford Bridge that will automatically convert into a professional deal in January, when he turns 17.
Nicoll-Jazuli is regarded as one of the leading talents in his age group and is said to have attracted interest from several of Europe's biggest clubs before committing his future to Chelsea.
The England U17 international will remain alongside fellow midfielder Reggie Watson, also 16, whose own newly signed contract will similarly convert into a professional deal at the turn of the year, according to the Mirror.
Both players occupy similar positions in Chelsea's academy setup and are viewed as key parts of the club's long-term midfield planning.
Elsewhere, Chelsea have confirmed the departure of a different academy graduate, with 22-year-old Finnish midfielder Jimi Tauriainen joining Danish side AC Horsens.
Tauriainen never made the breakthrough at senior level during his time at Stamford Bridge, though he did make two first-team appearances for the Premier League giants.
AC Horsens are hoping the move will finally allow the midfielder to fulfil his potential in regular first-team football.
"He is a player with great development potential, who has already shown qualities that suit the way we play football," head coach Niki Zimling said.
"I am really happy to become part of the ambitious project at AC Horsens," Tauriainen told the club's official website.
"It's clear that the club is heading in the right direction, and I look forward to contributing to the team achieving its goals."