The Blues are actively exploring candidates to add depth in the middle of the park, with Wharton emerging as one of the standout options after an impressive rise at Crystal Palace.
Part of Chelsea’s planning is being shaped by growing uncertainty around Enzo Fernandez, who continues to be linked with a potential move to Real Madrid.
The Spanish giants are also understood to admire Wharton, but would prioritise a move for Chelsea’s Argentina international. This could see Wharton become a potential replacement - but Chelsea’s interest is not solely reactive.
The club have been monitoring midfield profiles throughout the year, and Wharton’s Premier League experience, combined with his composure and range of passing, makes him an attractive long-term addition.
Chelsea plan to continue building their squad at a time when they have reported record-breaking financial losses, posting a £262m deficit for the 2024–25 period.
Before now, the highest Premier League loss recorded was Manchester City’s £197.5million in 2011.
Internally, there is confidence that Chelsea remain within the Premier League’s current financial framework, but the headline figures will place added focus on how they approach future spending - particularly when it comes to high-value deals.
That may even become a key factor in any move for Wharton, and Chelsea will not be alone in the race.
Manchester United are pushing to position themselves at the front of the queue, viewing Wharton as a key target for their midfield rebuild. They have also been linked with the likes of Carlos Baleba, Sandro Tonali, Joao Gomes and Elliot Anderson.
Manchester City have tracked Wharton’s development, while Real Madrid’s interest adds a further elite dimension to the situation.
Crystal Palace have been in no rush to sell but are aware of the battle they face.
Wharton is under contract until 2029 and is initially valued at around £100m, with the club believed to be using the benchmark set by Declan Rice’s move from West Ham United to Arsenal as a reference point in future negotiations.
With the midfielder expected to be part of England’s plans for the upcoming World Cup, his stock is still rising - setting the stage for a major transfer scrap in the months ahead.
