With finances notoriously tight in the blue half of Merseyside Toffees chairman Bill Kenwright has told boss David Moyes he must generate his own funds this summer.
Moyes reportedly willing to sacrifice £22 million rated Fellaini to boost his bank balance even though the player signing a new five-year contract in November.
That has alerted Chelsea owner Roman Abramovich who is set to instigate sweeping changes and overhaul an ageing squad regardless of the fact that a permanent manager has yet to be installed.
The Russian billionaire has allowed interim boss Roberto Di Matteo to conclude a deal for German international Marko Marin who will join from Bundesliga side Werder Bremen for £6.5 million.
Fellaini could be the next through the door at Stamford Bridge with Abramovich a huge admirer of the 24-year-old who has become a firm fans favourite at Goodison Park since a record breaking £15-million move from Standard Liege in 2008.
The Belgian international has impressed during his time in the Premier League with his fearless approach in midfield, aerial strength and ability to score goals from midfield winning him many admirers.
Abramovich is convinced Fellaini can be the long-term replacement for Frank Lampard despite scoring record of 20 goals in 135 appearances during his four seasons in England.
He is also mulling over moves for Jack Rodwell and Ross Barkley who have all come through the Toffees’ youth ranks during Moyes’ tenure.
However they will face competition from Manchester United for the duo’s signatures with Sir Alex Ferguson planning to spend big ahead of the next campaign in his pursuit of rivals City.