Sport-Bild claim the Blues are considering the Belgian forward again – two-and-a-half years after they sold the younger brother of Eden to the Bundesliga club for a reported fee of £6million.
Chelsea wisely inserted a clause in that deal which gives them first refusal on Hazard if they match any bid deemed acceptable by Borussia.
The 24-year-old is understood to be attracting interest from bigger clubs after seven goals and seven assists in 20 Bundesliga matches this term.
Gladbach manager Max Eberl admits he would first have to inform the Chelsea hierarchy of any bids – who could then decide whether to submit their own offer. “We do not need to make any secrets about it – if we get such a player from Chelsea, then Chelsea naturally has the ability, in whatever form, to think about this player,” said Eberl.
Hazard, speaking when he made the move in 2015, said: “I am focusing on excelling at Borussia Monchengladbach, but I still hope to play for Chelsea one day.”
Tottenham are keen on Marseille star Morgan Sanson according to the player's agent, but will face strong competition to do a deal.
Ruben Loftus-Cheek has opened the door to a possible return to Crystal Palace as he goes in search of first-team football.
Everton are reported to be lining up a move for Manchester United defender Victor Lindelof, who could be available for £35million.
Manchester City are set to finally complete a deal with Leicester City for Riyad Mahrez after agreeing a fee worth £75million.
Chelsea midfielder Ruben Loftus-Cheek will look to leave the club in the summer if he has no guarantees over first-team football.
Arsenal just have to agree a fee with Freiburg to complete the signing of defender Caglar Soyuncu, his agent has confirmed.