Chelsea signed the Argentina winger from Manchester United for around £40million last summer, but Garnacho failed to justify the fee during his first season at Stamford Bridge, managing one goal and four assists in 24 Premier League appearances, only 14 of them starts.
The Athletic reported this week that Chelsea are open to selling Garnacho just a year after signing him, with the 22-year-old having been linked with several Italian clubs including AS Roma, Juventus, AC Milan and Napoli in recent weeks.
Roma, who return to the Champions League this autumn, are following the situation closely and are said to be ready to explore a loan for Garnacho, though they could also look to include an option to buy as part of any deal. Roma's primary target this summer had been Marseille forward Greenwood, but with that move increasingly out of reach given the asking price involved, attention has shifted towards Chelsea's misfiring winger as an alternative.
Garnacho's stock has fallen sharply since his £40million move from Old Trafford, where he had established himself as a regular for Manchester United, making 93 Premier League appearances across his time at the club and scoring 16 goals with eight assists.
His struggles under Enzo Maresca and during Chelsea's chaotic managerial situation last season have led to growing speculation that new manager Xabi Alonso is prepared to move him on this summer to fund further squad rebuilding after the club's disappointing tenth-place finish.
Roma are said to rate Garnacho's profile more highly than alternative targets such as Nottingham Forest's Dan Ndoye and Strasbourg's Diego Moreira, both of whom have also been floated as possible options for Gian Piero Gasperini's forward line.
Garnacho's contract with Chelsea runs until the summer of 2032, meaning the west London club retain significant leverage in any negotiations, whether that ultimately takes the form of a permanent sale or a loan with conditions attached.