According to the Financial Times, negotiations between the two camps have gathered pace in recent weeks, with a deal potentially valuing Chelsea at £5billion, more than double the £2.5billion the BlueCo consortium paid Roman Abramovich to acquire the club in 2022.
That fee came alongside a further £1.75billion pledged for investment in the squad, infrastructure and the women's team.
Clearlake, run by Behdad Eghbali and Jose Feliciano, currently holds 61.5 per cent of the club, with Boehly, Walter and Swiss businessman Hansjorg Wyss splitting the remaining 38.5 per cent roughly evenly. Both Boehly and Walter now appear ready to walk away entirely, though talks have stalled repeatedly over the value of their shares.
A central sticking point has been Stamford Bridge's long-delayed replacement. Both camps accept Chelsea need a new stadium to boost revenue and sustain success on the pitch, but they disagree over its location and design, and neither side is willing to commit funding to a project worth as much as £5billion while the other retains influence over how the club is run. Earls Court has been mentioned as one possible site.
Boehly is due to step down as chairman at the end of the season regardless of any sale, under a pre-agreed rotation that hands the role to Clearlake. His exit from the ownership group altogether, expected in 2027, would end his position as the public face of the 2022 takeover, a status Eghbali has increasingly assumed in recent years.
Walter's departure carries added urgency. The financier, who agreed to sell his stake in the Los Angeles Lakers earlier this month, is currently the subject of a US authorities investigation into his insurance businesses, which he denies any wrongdoing over.
Despite the boardroom uncertainty, football operations at Stamford Bridge have continued at pace. Xabi Alonso has taken charge of the first team this summer, with Chelsea spending in excess of £300million on new arrivals while recouping around £143million through sales. Sources close to the ownership groups insist Boehly and Eghbali have maintained a professional relationship throughout the talks, which have run on and off for roughly two years.
No agreement has yet been reached, and further disputes over valuation could delay any resolution well beyond the current transfer window.