Farioli has had an exceptional debut season in Portugal. Porto lead the Primeira Liga by seven points and he extended his contract until 2028 in January after a record-breaking first half of the campaign — 16 wins and one draw from 17 league matches, with 13 clean sheets.
He also has a €15 million release clause and previously dismissed Chelsea links when they came around during the Enzo Maresca vacancy in January, stating there had "never been any doubt" about his commitment to Porto.
Italian sports daily Corriere dello Sport, in its Bologna edition, has separately identified Farioli as the primary target if Vincenzo Italiano departs that club at the end of the season — adding a second front to the speculation.
His Champions League qualification with Porto provides contractual and institutional protection, which Porto regard as a significant deterrent to any approach.
Chelsea are also considering Andoni Iraola, Marco Silva and Edin Terzic, with Iraola the current frontrunner for the permanent role. The club have said they will take time for "self-reflection" before making a long-term appointment.